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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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Società Cattolica di Assicurazione, the Italian insurance company, received strong demand for its €500m rights issue from investors, after an initially sharp market reaction to the planned capital raising.
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Max’s Group will no longer sell any secondary shares in its follow-on, cutting the deal to Ps3.5bn ($77.95m) from Ps4.6bn, after regulators decided to impose a lock-up on its major shareholders. -
China Taiping Insurance Holdings has raised HK$6.41bn ($826.8m) in a rights issue that will allow it to pay off a hefty inter-company loan.
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Telekom Austria, the telephone and internet services provider, has raised over €1bn in its first capital increase since Carlos Slim’s América Móvil (AMX) acquired a majority stake in the company earlier this year.
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Frozen fish supplier Pacific Andes Resources Development has proposed a rights issue to raise S$195.5m ($150.35m), with the proceeds earmarked for working capital and to repay loans.
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Chinese underground mall owner and developer Renhe Commercial Holdings is looking to raise HK$3.38bn ($435.6m) in a rights issue to buy back all of its outstanding debt securities.
