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Philippine Savings Bank completes stock rights offering

Philippine Savings Bank completed its 8 billion-peso stock rights offering.

The bank said Jan. 17 that the rights offering was oversubscribed with the bank offering 142,856,925 common shares at 56 pesos apiece. The shares are expected to be listed on the Philippine stock exchange on Jan. 18.

The bank added that funds raised from the offering will strengthen its common equity Tier 1 capital.

First Metro Investment Corp. served as sole issue manager, book runner and lead underwriter.

As of Jan. 16, US$1 was equivalent to 52.25 Philippine pesos.