News Flash

October 07, 2015, Wednesday
  • Former Senator Joker Arroyo passes away at 88 in the United States. 2 hours ago |
  • Senate session hall can’t be used for Binay-related probe as it is being used for budget hearings. 2 hours ago |
  • 25th Senate hearing on allegations vs. Binay won’t push through on Thurs. allegedly due to lack of venue. 2 hours ago |
  • Gabriela party-list files a resolution seeking a House probe on alleged use of women as sex objects at LP event in Laguna. 2 hours ago |
  • Fatalities due to tropical storm ‘Kabayan’ rises to 4. 2 hours ago |
  • Postponement of Ex-Chief Justice Corona’s case at Court of Tax Appeals’ 2nd division is due to the TRO issued by CTA en banc. 3 hours ago |
  • Fmr. Chief Justice Renato Corona’s arraignment at Court of Tax Appeals postponed anew & reset to Dec. 9, 2015. 3 hours ago |
  • Sen. Bongbong Marcos says a vice president should be able to work with any president even if they have conflicting views. 3 hours ago |
  • Sen. Bongbong Marcos says he will announce his candidate for president on Saturday. 3 hours ago |
  • Sarangani Rep. Manny Pacquiao considers running as an independent senatorial candidate. 3 hours ago |
  • Over 250 dengue cases reported in Albay since January this year. 3 hours ago |
  • 10 of 14 victims in collision of 2 vans along Macapagal Blvd. taken to San Juan De Dios Hospital in Pasay City. 3 hours ago |
  • 14 injured in a collision between an armored van & a ‘colorum’ Urvan van along Macapagal Blvd. in Paranaque City. 3 hours ago |
  • Sarangani Rep. Manny Pacquiao to retire from boxing if he will win as senator. 4 hours ago |
  • Tolentino says sorry to LP, Roxas, Rep. Agarao, women’s groups & his own mother who was offended by the lewd dance number. 4 hours ago |
  • Tolentino says as the highest official present during the LP event, he failed to stop the indecent performance of the girl group on stage. 4 hours ago |
  • Tolentino asks for understanding & apologizes to everyone he offended when he failed to stop the girl group’s lewd dance in Laguna. 4 hours ago |
  • Tolentino asks LP to remove him from its senatorial line-up. 4 hours ago |
  • Violation of Magna Carta of Women & Code of Conduct & Ethical Standards filed vs. Tolentino at Ombudsman. 4 hours ago |
  • Labor groups sue MMDA Chairman Francis Tolentino over a girl group’s lewd dance at LP event. 5 hours ago |
  • Ex-Makati Vice Mayor Ernesto Mercado admits the Reyes brothers are his friends. 20 hours ago |
  • DOJ to see if Ex-Makati Vice Mayor Ernesto Mercado violated provisions in the Witness Protection Program. 20 hours ago |
  • DOJ to release a second report on Mamasapano incident. 20 hours ago |
  • Comelec estimates over 2 million voters have yet to register. 20 hours ago |
  • House leadership wants to approve the 2016 proposed budget by Friday. 20 hours ago |
  • House Speaker Sonny Belmonte urges Pres. Aquino to certify as urgent the bill on proposed P 3-T nat’l budget for 2016. 20 hours ago |
  • Sen. Gringo Honasan says he is talking with his family about his next political move. 20 hours ago |
  • Honasan asks UNA for more time to decide on whether or not he will agree to become Binay’s running mate. 20 hours ago |
  • UNA formally asks Sen. Gringo Honasan to be Binay’s running mate. 20 hours ago |
  • TESDA Head Joel Villanueva confirms he is running for senate. 20 hours ago |
  • Sandra Cam says Ex-Vice Mayor Ernesto Mercado had called up his business associates, Reyes brothers, while they were in Phuket. 22 hours ago |
  • Duterte announces the arrest of 2 suspects involved in the abduction of 3 foreigners & 1 Filipina from Samal Island. 22 hours ago |

AUB trims initial public offering

By Jenniffer B. Austria | Apr. 24, 2013 at 12:01am
Asia United Bank, a medium-sized lender controlled by leading snack food maker Rebisco Biscuit Corp., has trimmed its planned initial public offering to P9.68 billion from the original target of P11.3 billion.

Documents filed with Securities and Exchange Commission show AUB would sell up to 88 million shares, including 8 million option stocks for overallotment.

AUB can generate proceeds of as much as P9.86 billion at a maximum offering price of P110 per share.

AUB initially planned to list 102.85 million shares at P110 apiece. It will peg the final price on May 3 and offer them from May 7 to May 14. The listing date has been set on May 17.

The SEC en banc on Monday approved the planned IPO.

AUB said in a prospectus it would give priority to existing and new customers when it offers the shares.

“Applicants who open banking accounts with AUB will likewise be granted priority in the allocation of offer shares over applicants who do not have bank accounts with AUB,” the bank said.

The bank said it would sell 56 million common shares to investors outside the United States and 24 million to local buyers. Interested investors must purchase a minimum of 100 common shares with increases in multiples of 10.

The bank plans to use proceeds from the IPO to solidify the bank’s capital adequacy and financial strength and pursue strategic growth initiatives through the expansion of the branch network by acquiring restricted licenses, investments and implementation of IT infrastructure and for general corporate purposes.

The bank was granted 54 branch licenses by the Bangko Sentral ng Pilipinas as a result of its acquisition of Cooperative Bank of Cavite Inc. in 2011 and Asiatrust Bank in 2012. It also bought the Rural Bank of Angeles to boost its presence outside Metro Manila.

The licenses allowed AUB to open branches in the restricted areas of Metro Manila within a three-year grace period. The bank this year plans to open 20 new branches in Metro Manila and 33 in 2014. It also aims to open 25 outside Metro Manila in 2013 and 10 in 2014. With Julito G. Rada
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