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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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Foncière des Régions, the French property company, has achieved a covered book for its €348m capital increase to finance the acquisition of a portfolio of 19 Spanish hotels through its subsidiary Foncière des Murs. -
New Silkroad Culturaltainment has wrapped up a HK$1.5bn ($193.4m) open offer, with orders barely covering over a third of the transaction, according to a filing with the Hong Kong Stock Exchange on Monday.
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South Korean flag carrier Korean Air is planning a share sale that could raise W450.0bn ($378.0m), according to a filing with the Financial Supervisory Service on Thursday.
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Equity capital markets in Emea reopened after the holidays this week, with details of the first new capital increases in France and the UK being made public.
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Shares in GCP Asset Backed Income Fund, the closed-end investment fund focused on asset-backed loans, fell 0.5% on Thursday after it announced a £100m capital increase to raise funds for future investments.
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Asia’s equity capital market got away to a modest start to the year, with multiple share sales planned across the region for January alone. As ever, issuers will try to bring fundraisings as early as possible, even if that means squeezing into a tight window between now and Chinese New Year. John Loh and Jonathan Breen report.
