PBB to raise ₧1.75B in fresh capital | VG Cabuag

Philippine Business Bank Inc. on Monday said it is set to raise some P1.75 billion in cash from both private placements and stock rights offering to eligible shareholders.

For the SRO, meanwhile, the bank gave 1 rights share for every 4.6428 shares owned. It will offer up to 50 million common shares. “The proceeds from the offer will be used primarily to increase PBB’s capital to comply with minimum capital requirement for a universal bank license and for other general corporate purposes including but not limited to investments, loans, maintenance capex [capital expenditures], operating expenses and other opportunities.”

“The increase will also enable PBB to meet the growing demands of the banking business and positions the bank to exploit opportunities as the economy rebounds.”

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