First Sponsor revamps cash call with new rights, bonus issue

Singapore

HONG Leong-linked property developer First Sponsor Group, which had earlier withdrawn a rights issue involving warrants exercisable into convertible securities, has come back with a new cash call.

It is now proposing to undertake a rights issue, in which the warrants may be converted directly to shares, along with a bonus issue to raise up to S$399.3 million.