To finance its Crowne Plaza Changi Airport works.
OUE Hospitality Trust (OUE-HT) is attempting to summon funds to the tune of $238.6m in a rights issue.
According to a report by OCBC, OUE-HT announced an underwritten and renounceable rights issue of of 441,901,257 new stapled securities.
The rights issue would provide stapled security holders the opportunity to subscribe for their pro-rata entitlement to the rights stapled securities at an issue price of $0.54 per rights stapled security. This reflect a discount of around 29.4% to yesterday’s closing price of $0.765.
OCBC notes that 86% of the proceeds will be channeled towards OUE-HT’s acquisition of the extension to Crowne Plaza Changi Airport.
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