maybanks-rights-issue-well-covered-keppel-next-in-line

Maybank's rights issue well covered; Keppel next in line

Keppel Land is seeking $478 million from a rights issue that is 90% supported by its parent company, while Maybank says its $1.7 billion deal was 27.7% oversubscribed.

The success of rights issues as a capital-raising tool in Asia continues with Malayan Banking, or Maybank, saying late Friday that its M$6.02 billion $1.7 billion offering was 127.7% subscribed, including excess applications. After a significant dip following the deal announcement in early March, the share price assumed an upward trend and by the time the rights offer closed last week, the rights price was at a 36% discount to the market price, making it an opportunity too good to pass up for most shareholders.

As the list of successful rights offerings grows, the number of Asian companies considering a deal of their own is also getting longer and bankers expect at least another three...

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