The Philippine Stock Exchange has approved the stock rights offerings of the Bank of Philippine Islands and Philippine National Bank involving a combined P40-billion worth of shares.

A PSE circular shows that the Ayala-led BPI will offer up to 395 million common shares at P10 apiece.

BPI will utilize mainly the P25-billion estimated gross offer proceeds to support critical strategic growth initiatives such as loan growth and to strengthen its core Tier-1 equity in light of the implementation of Basel III.

The offer period will run from Jan. 20 to 30 next year, while listing date is tentatively set on Feb. 10.

BPI Capital Corp. is the sole global coordinator and lead manager.

Goldman Sachs (Singapore) Pte., J.P. Morgan (S.E.A.) Ltd. and BPI Capital are the joint bookrunners and underwriters.

PNB, meanwhile, will offer up to 163 million common shares at P40 apiece

The bank intends to use the projected proceeds of up to P15 billion to boost its consumer lending business and further strengthen its capital ratios under the Basel III standards which are to become effective Jan. 1, 2014.

The offer period is scheduled to run from Jan. 27 to Feb. 3 next year. Listing is tentatively set on Feb. 11.

PNB Capital and Investment Corp. will serve as the sole domestic underwriter.

Joint international lead managers and international underwriters are Credit Suisse (Singapore) Ltd. and Deutsche Bank AG, Hong Kong.*PNA

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