China Bank’s P15-B stock rights offer gets PSE green light

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THE Philippine Stock Exchange (PSE) has approved the planned P15-billion stock rights offering (SRO) of China Banking Corp., the listed affiliate bank of the SM Group, the exchange said in a notice on Friday.

“The exchange’s approval of the stock rights offering is subject to the bank’s compliance with all applicable post-approval requirements of the exchange. The exchange will accordingly announce any developments on the bank’s SRO,” the PSE said.

The P15-billion issue was approved last Wednesday, March 22.

China Bank is seeking to raise a maximum of P15 billion via the sale of 497.97 million shares priced at up to P30 per share. The final price will be determined on April 6. The shares will be offered from April 24 to May 5.
The offer shares are to be listed on the PSE on May 10.


The offer shares will be sourced from the unissued portion of its authorized capital stock.

Its investment banking arm China Bank Capital Corp. will serve as the lead underwriter, issue manager, and joint bookrunner, while Citigroup Global Markets Inc. and JP Morgan Securities Plc. are the joint global coordinators and joint bookrunners of the deal.

China Bank said proceeds will be used to support growth strategies of the bank and its subsidiaries.
As of end-September last year, China Bank operated 526 branches nationwide, including 160 China Bank Savings branches.

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