MANILA -- Bank of the Philippine Islands (BPI) has listed 558,659,210 new common shares valued at PHP50 billion, or PHP89.50 per share, after a bell-ringing ceremony Friday at the Philippine Stock Exchange.
The new shares were issued to shareholders on record, with a ratio of 1:7.0594, or 1 new common share for every 7 shares held, or 14.2 percent of BPI’s outstanding common shares.
The Rights Offer received strong support from both domestic and foreign shareholders, such that a total of 683,258,317 shares were subscribed to, representing an oversubscription of 22.3 percent at the close of the offer on April 25.
"We thank our shareholders who have supported this exercise as we pursue our growth strategy this year," said BPI President and Chief Executive Officer Cezar Consing.
"We will continue to aim for efficiency and profitability as we harness the burgeoning and emerging opportunities brought about by our economic growth and favorable macroeconomic conditions," he added.
BPI Capital Corporation acted as Sole Global Coordinator and Lead Manager, Sole Domestic Manager, and Domestic Bookrunner and Underwriter; and Deutsche Bank AG, Hong Kong Branch, Goldman Sachs (Singapore) Pte., and J.P. Morgan Securities plc acted as Joint International Bookrunners and Underwriters for the Offer. (PR)
