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First Sponsor Group Sets Record Date for Rights Issue

MT Newswires
09/22

First Sponsor Group (SGX:ADN) has set Sept. 29 as the record date for its rights issue.

The company is offering one 4.85% perpetual convertible security for every five existing shares at an issue price of SG$1.08 each, according to a Monday filing with the Singapore bourse.

Last month, First Sponsor proposed the rights issue to raise up to SG$332.6 million.

Proceeds will fund the expansion of the group's property holding, development and financing businesses, as well as repay related borrowings.

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