Union Bank completes P40B stock rights offering

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UNION Bank of the Philippines (UBP) announces the successful completion of its P40 billion Stock Rights Offering (SRO) that was well received by existing institutional and retail investors.

The bank issued approximately 617.2 million common shares priced at P64.81 per share.

The shares were offered to eligible shareholders as of the record date of April 11, 2022 at a ratio of one rights share for every 2.4707 existing common shares.

The newly issued shares was listed on the Philippine Stock Exchange on May 16, 2022. The SRO garnered strong participation from UBP’s existing investors, led by principal shareholders Aboitiz Equity Ventures, Social Security System, and Insular Life Assurance Company Ltd.

The offer was almost completely subscribed after the first round with the remaining shares distributed to UBP’s shareholders that expressed interest in additional subscriptions.

The SRO was heavily oversubscribed at the end of offer period.

Proceeds from the SRO will be deployed to partially fund the acquisition of Citigroup Inc.’s Philippine consumer business. (PR)

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