Source : TODAY, Thursday, August 16, 2007
GENTING International, developer of Singapore’s second integrated resort, will raise US$2.2 billion ($3.3 billion) in a rights offer.
Genting International set the offer price at 60 cents a share, a 23 per cent discount to yesterday’s closing price of 77.5 cents. The company will offer shareholders three new shares for every five held.
About half of the proceeds from the sale will be spent on the integrated resort on Sentosa. About $516 million will help repay a loan used to buy UK betting chain Stanley Leisure. The rest may be used to make further acquisitions. — BLOOMBERG
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