Metrobank to price $230mln rights issue in December

Seeks to raise additional capital to take advantage of growth opportunities given the improving economic conditions.

The Philippines' Metropolitan Bank & Trust Co (Metrobank) could price a stock rights offer to raise 10 billion peso ($230 million) on Dec 10 and launch it in January, Manila's stock exchange said on Friday.

The country's second-largest bank in terms of assets gained approval to sell up to 220 million shares, with the entitlement ratio and final timeline to be announced after the pricing date.

The offer price will be based on the 10-day volume weighted average price of the stock prior to the pricing date, subject to a discount of up to 35 percent, the stock exchange said.

UBS AG is the sole international lead manager and Metrobank unit First Metro Investment Corp is the sole domestic issue manager and lead underwriter.

Metrobank said last month it was seeking to raise additional capital in anticipation of higher capital standards and to take advantage of growth opportunities given the improving economic conditions and market prospects.

View the full story in Reuters.