THE Philippine Stock Exchange approved the planned P6-billion stock rights offering of Bank of the Philippine Islands, the fourth-largest lender in terms of assets.
BPI plans to offer 600 million shares with a par value of P10 per share. The bank added the offering period would start on April 16, 2018 and end on April 25, 2018.
BPI tapped BPI Capital Corp. as the lead underwriter for the stock rights offering. BPI Capital will also be the sole global coordinator and lead manager, sole domestic manager, and domestic book runner and underwriter for the offering.
Deutsche Bank AG, Hong Kong branch, Goldman Sachs (Singapore) and J.P. Morgan Securities plc will serve as joint international book runners and underwriters.
The bank earned the 20th spot in the global rankings for project finance deals in 2017 and the sixth spot in the Asia-Pacific region, according to the latest Thomson Reuters Project Finance Internationalreport.
Thomson Reuters said BPI, a newcomer in the rankings, was among the top banks in the world that arranged the biggest project financing deals. This is the first time that a Philippine bank made it to the top 10 in Asia Pacific, besting other strong Asian and foreign houses.
Project finance refers to the long-term financing of infrastructure, industrial, and other big projects where the debt and equity used to fund the project are paid back using cash flow from the project itself.
BPI ranked 20th globally and sixth in Asia Pacific by acting as lead arranger of six project finance deals amounting to $2.8 billion.
BPI’s net income in 2017 slightly rose 1.7 percent to P22.42 billion from a year ago. Excluding one-off gains from the sale of securities in 2016, net income rose 31 percent.