Thailand's Big C announces $810 million rights issue

The operator of hypermarkets and convenience stores will use the proceeds to repay a loan taken up to buy Carrefour's Thai business. The deal might include a rump placement of unsubscribed shares.
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Extensive flooding in Thailand has closed all but one of Big C's distribution centres (AFP)
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<div style="text-align: left;"> Extensive flooding in Thailand has closed all but one of Big C's distribution centres (AFP) </div>

As global equity markets remain highly volatile and headline-driven, it seems Asian companies in need of capital have decided that rights issues are their best bet. The latest issuer to announce plans to tap their existing shareholders for funds is Thailand’s Big C Supercenter, an operator of hypermarkets, convenience stores and health, beauty and pharmacy stores.

The company said yesterday that it is seeking up to Bt25 billion $810 million from the fully-underwritten offering, which is expected to be completed by mid-December. It has yet to fix the offering price and has given itself a lot of flexibility in that respect, by saying that the deal will comprise between 220...

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