SINGAPORE (Dow Jones)--Genting Singapore PLC (G13.SG) Wednesday said that it plans to raise S$1.63 billion in a rights issue to boost its capital position and further expand its businesses.
The company plans to issue up to 2.04 billion shares at a price of S$0.80 a share, which is a 32.8% discount to the stock's closing price of S$1.19 Tuesday. The stock was halted from trade Wednesday.
"The company intends to use approximately 60% of the net proceeds raised from the rights issue for funding of future acquisitions and/or investments undertaken by the group, or joint ventures," the company said in a statement.
The remainder will be used for working capital purposes, it said.
Genting Singapore, which has a market capitalization of S$11.5 billion, is opening a casino-resort on the island of Sentosa early next year.
Dow Jones Newswires
September 09, 2009 03:07 ET (07:07 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
No comments:
Post a Comment