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LCD Global to issue up to S$105.4m of convertible bonds
LCD Global Investments Ltd has proposed a renounceable rights issue of up to S$105.37 million of convertible bonds due 2020 on the basis of one hundred bonds for every one thousand existing ordinary shares.
It said on Monday that it has appointed HL Bank Singapore as the manager for the rights issue.
The convertible bonds have a conversion price of 25 cents, representing a discount of 3.85 per cent over the last transacted price of shares traded on Dec 4.
LCD estimates that, after deducting estimated costs and expenses associated with the rights issue, the net proceeds will be about S$104.44 million.
It plans to use the majority of the net proceeds to enhance its existing assets, particularly those in its hotels and resorts and serviced residences businesses, as well as for business acquisitions as and when suitable opportunities arise.