Taiwanese partner raises stake in RCBC
LTNCD listing: (from left) RCBC officials led by vice president and head of retail distribution Don Tamayo, first VP and head of fixed income sales Maricel Peralejo, first VP and distribution and advisory division head Ma. Teresa Velasco, senior EVP and head of financial advisory and markets group Chester Luy, SVP and head of commercial trading and sales segment Steven Reyes, VP and group head of marketing Maria Cecilia Natividad and first vice president and balance sheet management segment head Francisco Singian Jr. joined the listing of the LTNCDs at the Philippine Dealing Exchange.
MANILA, Philippines - Cathay Life Insurance Co. Ltd. of Taiwan continues to beef up its stake in Rizal Commercial Banking Corp. (RCBC) after the Yuchengco-led bank raised P2.5 billion from a recent fund raising activity.
The Taiwanese firm spent P43.82 million to acquire 870,000 RCBC shares last Aug. 14 and 15. It bought 632,000 RCBC shares at P50.5 per share last Aug. 14 and 238,000 shares at P50 per share last Aug. 15.
This brought up the shareholdings of Cathay Life Insurance in RCBC to 318.81 million, equivalent to 22.77 percent from 317.94 million or 22.71 percent.
In March last year, the wholly-owned subsidiary of Cathay Financial Holding Co. Ltd. spent P174 million to purchase 5.8 million shares at P30 per share, raising its interest in the bank to 22.71 percent from 22.29 percent.
The largest publicly-listed financial holding company in Taiwan acquired a 20-percent stake in RCBC in 2015 for P7.95 billion.
Pan Malayan Management and Investment Corp. founded by the late taipan Alfonso Yuchengco remains the largest shareholder in RCBC with 594.25 million shares, equivalent to a 42.45-percent stake. The World Bank’s International Finance Corp. and IFC Capitalization (Equity) Fund own 107.87 million shares for a 7.71-percent stake.
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