C06226-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common shares | 3,180,172,786 |
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Subject of the Disclosure |
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Acquisition by Metropolitan Bank & Trust Company (“Metrobank”) of up to 40% stake in Metrobank Card Corporation (“MCC”) held by ANZ Funds Pty. Ltd.’s (“ANZ”) |
Background/Description of the Disclosure |
Execution of Share Purchase Agreement |
Date of Approval by Board of Directors |
Oct 18, 2017 |
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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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- Increase Metrobank’s stake in MCC |
Date | Oct 18, 2017 |
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Manner |
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Secondary shares sale through the execution of a Share Purchase Agreement; subject to regulatory approvals |
Description of the company to be acquired or sold |
Metrobank Card Corporation (A Finance Company) “MCC” was established in August 1985, known then as Unibancard Corporation. |
Number of shares to be acquired or disposed | 200,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 20 |
Price per share | 37 |
Nature and amount of consideration given or received |
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Purchase price of Php 7,400,000,000 |
Principle followed in determining the amount of consideration |
The purchase price was determined based on fair market value of the shares. |
Terms of payment |
Full payment upon closing |
Conditions precedent to closing of the transaction, if any |
Regulatory approvals |
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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ANZ | JV Partner |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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- |
Other Relevant Information |
Above terms and conditions apply to 20% shareholding acquired from ANZ. |
Name | Juan Placido III Mapa |
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Designation | Vice President & Head of Investor Relations |