, Singapore

Halcyon Agri to issue new ordinary shares at $0.22 apiece

This will be done on the basis of one rights share for every two existing ordinary shares.

Halcyon Agri Corporation Limited is proposing to undertake a renounceable non-underwritten rights issue of up to 797.51 million new ordinary shares to raise $174.7m, according to a filing. It has an issue price of $0.22 apiece.

This will be done on the basis of one rights share for every two existing ordinary shares held by the entitled shareholders. The company has appointed DBS Bank as the manager of the rights issue.

Halcyon notes that 75% of the net proceeds from the issue will be allotted to operating cash flows, whilst the remaining 25% will be distributed to other fixed commitments such as funding capital expenditures, servicing of term debts, and other fixed contractual payments.

If approved by shareholders, the share issue mandate will authorise the directors to allot and issue shares of up to 50% of the total number of issued shares as of the date of the annual meeting.

The company’s major shareholder, Chinese state-owned enterprise Sinochem International, is said to subscribe for its pro rata entitlement to the rights shares. Sinochem has an interest in an aggregate of 877.06 million shares, representing approximately 54.99% of the total number of issued shares.

However, Halcyon notes that the right shares will not be offered to shareholders with registered addresses outside Singapore. Entitlements to rights shares for foreign shareholders will be sold “nil-paid” on the SGX-ST after dealings in the provisional allotments of rights shares commence.
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.