BDO Unibank, the largest bank by assets in the Philippines, is again turning to its shareholders to raise funds, launching a Ps60 billion $1.2 billion rights offering.
The cash call will set a new record as the largest equity offering in Philippine history, overtaking the bank’s previous $1 billion rights issue in 2012 and easily dwarfing LT Group’s $915 million follow-on offering in 2013.
But in reality only $540 million of new shares will be available to the public, since the holders of the majority of shares have pledged to subscribe to their full entitlements. That group, which together owns 54.52% of the bank’s...
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