Listed Aboitiz Equity Ventures Inc. (AEV) spent P20.24 billion to hike its stake in Union Bank of the Philippines led by bankero Edwin Bautista as part of a recently concluded fund raising activity.
AEV acquired 312.26 million shares of UnionBank at P64.81 per share last May 16 as part of the listed bank’s stock rights offering (SRO).
The additional shares are equivalent to a 14.58 percent stake in UnionBank.
This raised the interest of AEV in UnionBank to 49.92 percent equivalent to 1.08 billion shares from 35.34 percent or 756.99 million shares.
UnionBank successfully raised P40 billion from the fund raising activity that would partially finance the acquisition of the retail banking business of Citigroup Inc. in the Philippines.
The Aboitiz-led bank issued approximately 617.2 million common shares priced at P64.81 per share. The shares were offered to eligible shareholders as of April 11 at a ratio of one rights share for every 2.4707 existing common shares.
UnionBank is spending about P55 billion to take over the consumer banking business of Citi in the country.