March 21, 2023

UnionBank finalizes stock rights offering

Union Bank of the Philippines officially completed a stock rights offering (SRO), the bank said in a disclosure to the Philippine Stock Exchange (PSE) on Friday.

“In compliance with the requirements of Securities and Exchange Commission per its Confirmation of Exempt Transaction dated Dec. 13, 2022, we are pleased to inform the public of the successful completion of the SRO of UnionBank,” the bank said in a disclosure.

The bank issued 210,970,464 shares issued under Section 10.1 (e) pursuant to the first and mandatory second round; zero shares under Section 10.1 (e) pursuant to the exercise of principal shareholders’ commitment, and zero shares under Section 10.1 (l).

This resulted in a total of 2,353,077,228 shares issued and outstanding post-issuance, the bank said.

The bank added that the actual subscription of the rights shares will only become effective upon its listing on the PSE on Feb. 6.