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UnionBank plans P12-b stock rights offering

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Union Bank of the Philippines is pricing its planned stock rights offering between P54.48 to P58.38 per right share to raise P12 billion for expansion plans.

UBP, based on the offer terms approved by the Philippine Stock Exchange, will sell 220.263 million common shares. The final price will be set on Jan. 4, subject to discount of 25 percent to 30 percent based on volume-weighted average price of the stock for the past 15 trading days. The share price of UBP closed at P86.10 each on Dec. 19, 2022.

Under the plan, UBP shareholders as of record date Jan. 12 will be entitled to participate in the rights offering. The offer period will be from Jan. 16 to 27, while the listing date is Feb. 6.

“The proceeds from the SRO will be primarily used to fund the capital infusion to UnionDigital Bank Inc., projected loan availments and other business growth opportunities. Any amount of net proceeds remaining will be for general corporate purposes,” the bank said.

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