BDO corporate information officer Elmer Serrano said in a disclosure to the Philippine Stock Exchange that the bank has been informed by its major shareholder, the SM Group that it is proposing to sell 100 milliion shares at a price yet to be determined by the board.
The secondary offering is intended to increase the free float of BDO and enhance its share trading liquidity which would benefit all of BDO’s shareholders.
The exact number of shares and offer price would remain subject to interest and demand.
Macquarie Securities has been tapped as sole lead manager, global coordinator and bookrunner for the offer.
The proposed offer is also intended to diversify the share register of BDO to include more international investors and increase its standing in the international capital markets.
After the proposed offer, the SM Group would continue to remain a significant majority shareholder in BDO, which would continue to be an integral part of the SM Group.