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May 27, 2024

China Bank chairman spends P22M to purchase more shares

The chairman of China Banking Corp. led by bankero William Whang spent P22.6 million to beef up his shareholdings in the listed bank.

In a disclosure to the Philippine Stock Exchange (PSE), China Bank said chairman Hans Sy spent P20.12 million to purchase 780,000 shares at P25.80 per piece last March 14.

The following day, Sy acquired an additional 95,400 shares at P25 peer share for a total consideration of P2.48 million.

The transactions raised Sy’s direct shareholdings to 1.54 million and indirect shareholdings to 3.71 million.

The Revised Disclosure Rules requires the disclosure of the direct and indirect ownership of directors and principal officers from first vice president and up in the securities of listed banks.

The shares of China Bank gained 2.12 percent to close at P26.55 per share from Wednesday’s P25.80 per share.