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Follow-ons and Rights issues

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  • ArcelorMittal’s share price shot up on Friday March 11 after the Amsterdam-listed miner and steel maker set the terms for its $3bn rights issue, but then dived on Tuesday morning and though it has recovered, is now lower than last week.
  • Bank of Tianjin has commenced pre-deal investor education to test the waters for its $1bn Hong Kong IPO, say bankers.
  • Malaysia Building Society (MBSB) has announced a two-call rights issue that will see it raise up to MR2bn ($487m) from shareholders.
  • Bank of America Merrill Lynch has lost a member of its equity capital markets syndicate team in Hong Kong, according to sources.
  • The Indian government has kicked off the divestment of a 5% stake in Container Corp of India, which would add about Rp11.65bn ($173m) to the country’s coffers.
  • Singapore’s OUE Hospitality Trust is carrying out an underwritten and renounceable rights issue worth S$238.6m ($171.4m) as it seeks to raise funds for an airport hotel purchase.