The stream of Asian companies seeking new equity capital through right issues is continuing at a steady pace with Singapore property developer CapitaLand and its 29.7% associate CapitaMall Trust yesterday announcing their intention to raise a combined S$3.07 billion $2.05 billion.
CapitaLand is offering S$1.84 billion worth of shares on the basis of one new share for every two existing ones. The price has been set at S$1.30 per share, which represents a 45% discount to Friday's closing price of S$2.36 and a 35% discount to the theoretical ex-rights price of S$2.01. It also implies a 54% discount to the post-rights issue net tangible asset value of S$2.80. Temasek, which is...
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