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Philippine National Bank prices up to $259 mln rights issue at 15 pct discount
January 10, 2014 / 2:40 AM / 4 years ago

Philippine National Bank prices up to $259 mln rights issue at 15 pct discount

MANILA, Jan 10 (Reuters) - Philippine National Bank has priced a rights issue at a 15 percent discount, seeking up to 11.6 billion pesos ($259 million) to boost consumer lending and strengthen its balance sheet ahead of tighter global rules on banks’ capital bases.

The bank will offer up to 162.9 million new shares to its existing shareholders, led by Philippine conglomerate LT Group Inc, at 71 pesos apiece, it said on Friday. PNB closed at 83.50 pesos on Thursday ahead of the pricing.

PNB was up 0.12 percent at 83.60 pesos as of 10:20 a.m. [0220 GMT] on Friday.

Under terms of the week-long offer, starting on Jan. 27, eligible shareholders will have the right to buy 15 new shares for every 100 existing PNB shares they hold. PNB said LT Group, owned by the country’s second-richest man Lucio Tan, will subscribe to 60 percent of the offer.

($1 = 44.7 Philippine pesos)

Reporting by Erik dela Cruz; Editing by Kenneth Maxwell

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