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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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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. -
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.
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Shareholders have piled into Tiger Airways Holdings’ 85-for-100 rights issue worth S$229m ($172m), with applications received for far more shares than were up for grabs.
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Chinese brokerage Citic Securities Company Limited is planning to issue not more than 1.5bn new H-shares via a private placement, as it looks to shore up its capital base. Although the precise size of the offering has not been disclosed, the company could raise as much as HK$44.10bn ($5.70bn) based on its share price at the time of writing.
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Peking University Resources, a server and networking products distributor, raised HK$945m ($122m) on Monday from a placement after pricing the trade at the low end of expectations.
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Dual-listed fruit and vegetable producer Del Monte Pacific is planning to raise $180m from a rights issue in Singapore and the Philippines as it looks to shore up its balance sheet following a major acquisition.
