Globe prices rights offering at P1,680

Globe Telecom Inc. pegged the final price of its planned stocks right offering at P1,680 per share next month.

Under the planned SRO from Oct. 3 to 7, shareholders will be entitled to one share for every 13.2366 common shares owned.

Globe is targeting to raise P17 billion from the 10.12 billion shares to be offered to existing shareholders at P1,680 per share.

The tentative listing date at the Philippine Stock Exchange is set on Oct. 28.

This is the first time Globe will conduct a rights offering in the capital market in over two decades.