PHILIPPINE National Bank (PNB) completed its P12-billion stock rights offer (SRO) on Monday, with the raised funds allotted to grow its assets.

The Tan-owned PNB said in a disclosure to the local bourse on Tuesday that its pre-emptive rights offering of 276.63 million common shares priced at P43.38 apiece was completed on July 15.

The bank did not provide other details.

PNB said in a previous disclosure it is set to raise about P12 billion via SRO with an offer period from July 3 to 12.

Eligible shareholders were entitled to subscribe to a share for every 4.516 common shares as of the June 21 record date. Ex-date was yesterday.

PNB said proceeds of the fundraising activity will be used to fund the asset growth of the bank.

Apart from the rights offering, PNB also set a euro medium-term note (MTN) program amounting to $2 billion, double than the initial $1 billion announced.

The lender established its euro note program in April last year. During that month, it allocated $300 million in proceeds from the program to support its dollar lending.

In May, the lender said it wants to draw another $300 million in fresh funds from the MTN program.

PNB booked a net profit of P1.9 billion in the first quarter, up 30% from the same period last year.

Shares in the bank stood at P55 apiece on Tuesday, up P1 or 1.85% from the previous close. — K.A.N. Vidal

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