United Engineers' flagship property, UE Square
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...