Golden Agri-Resources launches $218 million rights issue

Warrants with a three-year maturity could increase the total deal size to $480 million.

Singapore-listed Golden Agri-Resources GAR, owner of the world's second largest palm oil plantation, has launched a renounceable rights issue that is expected to raise approximately S$317 million $218 million. Shareholders that subscribe to the deal will also receive warrants, which, if fully exercised, could increase the total value of the issuance to $480 million.

The rights issue consists of 1.7 billion new shares, which will be sold at S$0.18 apiece, a 60% discount to the closing price on...

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