Another Singapore Reit announces a rights issue

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Starhill Global Reit, which is controlled by Malaysia's YTL Corp, is seeking to raise $232 million from a one-for-one rights offering, following the fund-raising examples set by a string of other Singapore issuers.

Starhill Global Real Estate Investment Trust yesterday announced plans to raise S$337.3 million ($232 million) from a renounceable one-for-one rights issue. The Reit, which invests in retail and office properties, said the money may be used to pare down its existing debt and to put it in a better position to capitalise on acquisition opportunities.

Rights issues have become a popular means for Singapore-listed companies to shore up their capital as the credit crunch has made bank financing either difficult to come by or prohibitively expensive. For the city-state's Reits, the ...

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FinanceAsia Magazine
FinanceAsia
March 2010