Mandarin Oriental Plans to Raise US$316 Million Via Rights Issue
March 05 2015 - 5:58AM
Dow Jones News
By Gaurav Raghuvanshi
SINGAPORE--Mandarin Oriental International Ltd. (M04.SG)
Thursday said the hotels operator planned to raise about US$316
million in a one-for-four rights issue of its shares.
Mandarin Oriental would sell up to 251 million new shares at
US$1.26 apiece, a discount of 28.4% to its closing price on March
4, the company said in a statement to Singapore Exchange, where it
is listed.
The company said it would use the proceeds to retire debt and to
renovate a hotel property in London.
Mandarin Oriental said that Jardine Strategic Holdings Ltd.
(J37.SG) has undertaken to subscribe to its portion of the rights
issue and also buy any shares other stakeholders decline to
take.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com
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