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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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Indonesia’s Summarecon Agung has pulled a planned $200m-$250m IPO of Summarecon Investment Property (SIP) at the eleventh hour to pursue a real estate investment trust (Reit) instead. -
Credit Suisse has added two teams of 11 banks to the underwriting syndicate for its Sfr4.7bn rights issue, after announcing Citigroup, HSBC and Société Générale as the lead underwriters last week.
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China International Capital Corp (CICC), which is looking to raise HK$6.29bn ($811.61m) in a Hong Kong IPO, has sent out a covered book message to investors ahead of its expected pricing on Friday.
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Golden Meditech has closed its HK$985.70m ($127.19m) rights issue with shareholders taking up just 69% of the transaction, forcing its underwriter to absorb the remaining shares.
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Credit Suisse won praise from equity capital markets bankers this week for a neat two-step plan to raise Sfr6bn of new capital, as part of a complete new strategy for the bank, announced by CEO Tidjane Thiam in a marathon series of conference calls on Wednesday, writes Jon Hay.
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The Vietnam government’s prized stakes in 10 firms are up for grabs, as the state looks to sell down its holdings in the country’s largest dairy producer, a telecommunications firm and an insurer among others.
