golden-agriresources-launches-218-million-rights-issue

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 Tuesday, the last day of trading before the deal was announced. Shareholders will be entitled to 17 rights shares for every 100 shares owned.

The rights shares come at a 56.2% discount to the theoretical...

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