Metrobank plans to raise $231.23mln via rights offer

The lender aims to use proceeds to fuel CAR growth in anticipation of higher capital standards.

The Metropolitan Bank & Trust Co. (Metrobank), the country’s second largest in terms of resources, is targeting to raise P10 billion in fresh capital from a stock rights offer.

In a disclosure to the stock exchange on Wednesday, the bank said its board of directors has green-lighted a share sale to existing eligible shareholders. The shares, it said, will be sourced from the bank’s unissued common shares.

“The offer will increase the bank’s capital adequacy in anticipation of higher capital standards and to take advantage of growth opportunities given the improving economic conditions and positive market prospects,” the bank said in the disclosure.

Details of the stock rights offer, the bank said, will be issued in the coming weeks.

In May, the bank raised around P5 billion ($115.54 million ) from a two-step exercise.

Current stockholders sold some of their holdings to third-party investors, and bought common shares freshly issued by the bank.

View the full story in Business World.

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