SIA to raise S$8.8 billion via rights issue of shares and convertible bonds amid Covid-19 crisis

The Business Times | Mar 27, 2020 at 12:00 AM
  • WITH the Covid-19 pandemic paralysing airline operations worldwide, Singapore Airlines (SIA) is raising S$5.3 billion in new equity and S$3.5 billion via 10-year mandatory convertible bonds (MCBs) as its largest shareholder Temasek Holdings throws its support behind the national carrier.
  • The company is proposing a renounceable rights issue of new ordinary shares and mandatory convertible bonds to raise about S$8.8 billion.
  • Up to 1.77 billion rights shares will be issued at S$3 per share on the basis of three rights shares for every two existing ordinary shares held by shareholders.