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GC Asia
Ahold's Eu3bn rescue rights on course despite fresh loss and US scandal news
Ahold, the world's third largest retailer, announced pricing for its Eu3bn rights issue this week amid a hail of bad news, including an unexpected third quarter loss and continuing revelations about the $1.2bn accounting scandal in its US subsidiary.
The issue, which will expand Ahold's market capitalisation by about 51%, will be made at Eu4.83 - a discount of 42% to the share price close on Tuesday. Investors will receive two shares for every three they hold.
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