HKT Trust raises $1b from rights issue

Demand was strong for Richard Li's telecom trust, which will use the proceeds to pay down some of its substantial debt.
Richard Li
Richard Li

HKT Trust, a telecom trust controlled by Hong Kong tycoon Richard Li, raised HK$7.9 billion $1 billion in a rights issue on Thursday.

The proceeds of the issue, which experienced strong participation from existing shareholders, will go towards paying back a loan HKT Trust took on to acquire a mobile phone operator.

There was a 99.38% take up by shareholders for 1.16 billion rights share-stapled units SSUs, which priced at HK$6.84 per unit, a 20.65% discount to the June 12 closing price, according to a banker close to the deal.

Stapled securities comprise of units in the trust as well...

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