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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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Shares of African Bank Investments, South Africa's biggest unsecured lender, plunged this week as the bank unveiled a need for at least $790m of new capital, despite a recent rights issue, because of losses and writedowns. -
South African furniture retailer Steinhoff International has completed an R18.2bn capital raise, issuing 350m new shares as it repatriates capital ahead of its planned Frankfurt listing.
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The same investors that saw their €1.1bn investment in Banco Espírito Santo plunge over 60% in the weeks following the Portuguese lender’s capital raise could support another deal to plug an up to €4.5bn hole in the bank’s balance sheet that emerged on Wednesday evening — even as commentators asked whether shareholders could pursue legal action.
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The same investors that saw their €1.1bn investment in Banco Espírito Santo plunge over 60% in the weeks following the Portuguese lender’s capital raise could support another deal to plug an up to €4.5bn hole in the bank’s balance sheet that emerged on Wednesday evening — even as commentators asked whether shareholders could pursue legal action.
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Rizal Commercial Banking Corp is set to return to the equity market more than a year after it raised $150m with a follow-on offering, and is this time looking at a rights issue.
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Bank of Cyprus has completed the first phase of its capital raise, taking in €1bn by placing new shares with institutional investors.
