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Shipbuilder's shares fall 10% after capital raise
Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
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The Philippines’ Suntrust Home Developers is looking to raise Ps5.63bn ($251.37m) from a rights issue backed by its parent Megaworld Corp. -
Hsin Chong closed one of Hong Kong’s first sizeable rights issues for 2015 with the deal massively undersubscribed, drawing orders for less than 2% of the trade.
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The commitments received for Renhe Commercial Holdings’ HK$3.38bn ($435.6m) one-for-two rights issue have fallen short of the number of rights shares that were up for grabs, leading to the deal’s underwriter having to step in to bridge the gap.
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After a washout 2014, ECM bankers say southeast Asia looks more promising in 2015, despite falling oil prices and general market volatility.
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Korean Air Lines is looking to raise W500bn ($453m) from a rights issue, which could lead to a public offering of stock if existing shareholders do not subscribe to all the shares. The South Korean flag carrier is attempting to restructure its financial profile, but the market reacted negatively to the trade, pushing the company’s share price down by nearly 5% after the details were disclosed.
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Palm Hills Development, the Egyptian property company, will convene a meeting of its board of directors on January 12 to discuss launching a rights issue.
