Metrobank concludes stock right offering

Metrobank concluded a US$228.5 million stock rights offering.

It is the the first major listing at the Philippine Stock Exchange this year.

In December 2010, Metrobank announced that it will raise US$228.5 million through a stock rights offer involving 200 million common shares priced at US$1.1426 per share. The offer price was computed based on the 10-trading day volume-weighted average of the bank’s common shares on the PSE prior to the Dec. 10 pricing date, subject to a discount of 30.5 per cent.

Eligible shareholders can buy one rights share for every 9.557 common shares held as of December 20, 2010. T
First Metro Investment Corp is the sole domestic issue manager and domestic lead underwriter for the offering. UBS AG is the sole international lead manager.

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