Union Bank of the Philippines (UBP) recently concluded its P10 billion Stock Rights Offering (SRO) with strong shareholder support. UBP offered 327.12 million common shares at P30.57 each. These rights shares were made available to eligible shareholders at a ratio of 1 rights share for every 9.1382 existing common shares held on the record date of May 9, 2024.
UBP issued additional rights shares, which were listed on the Philippine Stock Exchange (PSE) on May 31, 2024. Following the issuance, UBP's total outstanding shares rose from 2,989,287,495 to 3,316,377,607 common shares. The SRO was completely subscribed to by UBP's primary shareholders: Aboitiz Equity Ventures, the Social Security System, and Insular Life. Proceeds from the SRO will be utilized to support the Bank’s strategic growth initiatives. “The strong response from our shareholders to the Stock Rights Offering underscores their confidence in our strategic objective to become the best retail bank in the country,” said Edwin R. Bautista, UBP’s President and CEO. CLSA Exchange Capital, Inc., and Unicapital Inc. acted as Joint Underwriters for the Offering while Citigroup Global Markets Limited acted as Capital Markets Adviser.
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