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Manila Bulletin devider Business devider PBB gets P1.25-B cash infusion

PBB gets P1.25-B cash infusion

Published Jan 13, 2023 02:10 pm

Philippine Business Bank (PBB) is planning a P500-million stock rights offering after its principal shareholders injected P1.25 billion in fresh capital into the bank to support its increase in authorized capital stock.

In a disclosure to the Philippine Stock Exchange, PBB said its Board of Directors and Stockholders have already approved the increase in capital stock of the bank.

PBB said its principal shareholders have just completed their subscription payment to the private placement amounting P1.25 billion equivalent to 125 million common shares at P10.00 per share.

“The principal shareholders initially paid P312.5 million last September 21, 2022 and paid the remaining balance of P937.5 million on January 10, 2023. These monies are booked under deposit for future stock subscription,” PBB said.

It noted that, “The approval for the increase in authorized capital stock is still pending with the Securities and Exchange Commission.” PBB had earlier announced its intention to raise P1.75 billion in additional capital for which the Bank would need to increase its authorized capital stock.

To facilitate the necessary increase in ACS and in support of the Bank's fund raising efforts, the Principal Shareholders have advanced their participation to the capital raise by subscribing to the minimum P1.25 billionout of the P5 billion increase in capital via a private placement.

In addition, PBB intends to conduct a Stock Rights Offering (SRO) of up to 50 million common shares at the offer price of P10.00 per share, or an aggregate of up to P500 million to minority shareholders within the year.

The bank said the SRO and the Private Placement will be treated as separate transactions and will run independently of each other.

“Please note though that if the Bank opts to pursue the initial plan to source the SRO shares from the increase in authorized capital stock, then the increase in authorized capital stock which is supported by the private placement subscriptions would have to be approved by the SEC before SRO launch,” it added.

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