This is with reference to Rizal Commercial Banking Corporation’s (“RCB” or the “Bank”) disclosure under Company Announcement No. C08122-2022 dated November 3, 2022.
In the said disclosure, RCB stated in part that:
“Please be advised of the following significant items approved by the Board of Directors at the regular meeting held on November 2, 2022:
. . . .
4. Sale of common shares to Sumitomo Mitsui Banking Corporation
Description of the transaction
Sale of 213,437,248 common stock held as treasury shares in the Bank (the ‘Treasury Shares’) and issuance of 168,619,976 authorized and unissued common stock of the Bank (the ‘Subscription Shares’, and together with the Treasury Shares, the ‘Sale Shares’) to Sumitomo Mitsui Banking Corporation (‘SMBC’), the commercial banking arm of Sumitomo Mitsui Financial Group (‘SMFG’) which is the second largest bank in Japan, at a price per Sale Share of PhP 71.00 (the ‘Sale Price Per Share’) subject to the terms and conditions of the Share Sale and Purchase Agreement, which includes relevant regulatory approvals, entered into between the Bank and SMBC on November 2, 2022. After the purchase of the Treasury Shares and the issuance of the Subscription Shares from the Bank, SMBC will own, in aggregate, twenty percent (20.0%) of the total outstanding common stock of the Bank.
. . . .”
In view of the materiality of the information reported in the Bank’s disclosure and to give all market participants sufficient time to digest the foregoing, the Exchange will implement a one (1) hour trading halt on RCB shares from 9:30 a.m. to 10:30 a.m. today, November 3, 2022, without prejudice to the applicability of other rules as may subsequently be determined by the Exchange. The Exchange will inform the Trading Participants and the investing public of further developments on the matter.
For your information and guidance. |
NOTICE