Sabin Aboitiz joins UBP buying frenzy, nabs P24M shares
Business

Sabin Aboitiz joins UBP buying frenzy, nabs P24M shares

Bilyonaryo Sabin Aboitiz dove into the market last week to buy shares of Union Bank of the Philippines following the approval of its capital hike in October.

Aboitiz purchased 271,625 UBP shares at P89.80 per share on November 8 or three weeks after the bank hit a new all-time high of P99.50.

The 56-year old president and CEO of Aboitiz Equity Ventures, UBP’s parent, lifted his stake in the bank by 18 percent to 1.818 million or P167 million at current market prices.

Investors welcomed the Bangko Sentral ng Pilipinas; approval of UBP’s 53 percent capital hike to P35.3 billion last month as it would accommodate the 25 percent stock dividend declared by the bank on June 25, improve liquidity and potentially open itself to the entry of strategic investors.

 

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