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Philippine Savings Bank to conduct stock rights issue

Philippine Savings Bank plans to raise about 8 billion pesos through the issuance of stock rights.

The bank's board approved its plan to issue up to 184,747,509 common shares, according to an Oct. 16 stock exchange filing.

Details of the rights issue are subject to regulatory approvals. The bank targets to conduct the stock rights issue in the first quarter of 2019.

First Metro Investment Corp. will serve as issue manager and underwriter, while Metropolitan Bank & Trust Co. is stock transfer agent for the rights issue.

As of Oct. 16, US$1 was equivalent to 52.83 Philippine pesos.