C05074-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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COMMON | 2,353,746,590 |
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Subject of the Disclosure |
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Additional Capital Infusion in Subsidiary |
Background/Description of the Disclosure |
At the meeting of the Board of Directors of Union Bank of the Philippines held on June 23, 2023, approved the infusion of additional capital of Php900.0 Million in UnionDigital Bank Inc. (“UnionDigital”) to support business growth and to strengthen its capital position. |
Date of Approval by Board of Directors |
Jun 23, 2023 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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Additional capital to sustain UnionDigital’s growth trajectory. |
Date | TBA |
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Manner |
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Share Subscription |
Description of the company to be acquired or sold |
UnionDigital is engaged in the general business of Digital Banking, including other expanded services as may be approved by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) |
Number of shares to be acquired or disposed | 90,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 23.07 |
Price per share | Php10.00 |
Nature and amount of consideration given or received |
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The nature of consideration is cash in the amount of Php900,000,000.00 |
Principle followed in determining the amount of consideration |
Fair Value |
Terms of payment |
The Php900,000,000.00 shall be paid in cash/ direct transfer and the payment terms require payment in full. |
Conditions precedent to closing of the transaction, if any |
Subject to the approval of the BSP |
Any other salient terms |
N/A |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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UnionDigital Bank Inc. (Fresh issuance of shares) | Related Party |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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Increase subscribed capital |
Other Relevant Information |
N/A |
Name | Joselito Banaag |
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Designation | Senior Vice President, General Counsel and Corporate Secretary |