Singapore’s United Engineers plans rights issue

The stock drops after the property owner and developer earlier this week announces a plan to raise at least $369 million from the deal.

Singapore’s United Engineers plans rights issue

Shares in United Engineers, a Singapore-listed property developer, have slid more than 14% since its announcement on Tuesday night that it is planning a rights issue.

The company is expected to raise at least S$463.5 million $369 million from the fully underwritten deal, having set the subscription price at a 47.6% discount to Monday’s close.

Existing shareholders will have the right to buy one new share for every one existing share. This...

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