SINGAPORE (April 4): The manager of Ascott Residence Trust announced its rights issue was 1.8 times subscribed.

In a filing on Tuesday night, the manager said valid acceptances and excess applications representing a total of 874.6 million right units were received at the close of the rights issue on March 31 compared to 481.7 million rights units available under the rights issue.

The valid acceptances received include the acceptances by The Ascott, through its wholly-owned subsidiaries, being Somerset Capital and Ascott Residence Trust Management.

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