The issue price for the rights shares is 7.35% lower than the closing price of 68 cents on Thursday and 5.97% lower than the theoretical ex-rights price of 67 cents, assuming the completion of the rights issue, calculated based on the Aug 22 closing price.
SINGAPORE (Aug 23): Property developer Chip Eng Seng is proposing to undertake a renounceable underwritten rights issue to raise some $98.7 million for its expansion plans.
The group plans to sell a total 156.5 million rights shares at an issue price of 63 cents each. Shareholders will be entitled to subscribe to one rights share for every four shares they own.
