MANILA, Philippines - The thrift banking arm of Filipino-Chinese magnate and former ambassador Alfredo Yao, who owns juice company Zest-O and budget airline ZestAir, has obtained the approval of the Securities and Exchange Commission (SEC) to hold a P4.25-billion market debut.
Based on the approved registration statement of Philippine Business Bank (PBB), the lender will offer 101.33 million shares in an initial public offering (IPO) at a maximum price of P41.94 per share.
The shares, which will be listed on the first board of the Philippine Stock Exchange, represent 29.5% of the lender's outstanding capital stock.
The IPO offer period will run from November 12 to 29, 2012, with listing date tentatively set on November 23.
PBB tapped ATR Kim Eng Capital Partners Inc. as lead underwriter for the transaction.
PBB intends to use IPO proceeds to acquire branch licenses from the central bank, expand its branch network, implement IT upgrades, and fund general banking purposes.
The bank currently operates 72 branches nationwide, of which 37 are located in Metro Manila.
It aims to grow its branches to 85 by the end of 2012, and 100 by end-2013.
As of June, the bank's total resources stood at P27.76 billion. From 2009 to 2011, its loans and deposits grew at compounded annual rates of 12.2% and 18.6%, respectively.
PBB is 90% owned Yao family, which also has interests in food and beverage, air transport, pharmaceutical and real estate, among others.
Aside from PBB, Zest-O and ZestAir, Yao's companies include Amchem Marketing Inc., Asiawide Refreshing Corp., Harman Foods Philippines Inc., King of Travel, Money Movers Inc., Semexco Marketing Inc., SMI Development Corp., Solmac Marketing Inc., and Uni-ipel Industries Inc. - Rappler.com
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