Singapore

PAY TV firm Asian Pay Television Trust's (APTT) trustee-manager has proposed a renounceable non-underwritten rights issue to raise gross proceeds of about S$46.2 million that will be mainly used to pare down the trust's offshore debt.

Some S$45 million of net proceeds would be used to reduce offshore debt, enabling APTT to save about S$2.9 million in annual interest cost and strengthen its financial position, the trustee-manager said on Tuesday.