Singapore

FLAG carrier Singapore Airlines' (SIA) rights issue of mandatory convertible bonds (MCBs) to be listed on June 25 was subscribed by most members of its board including its chairman and chief executive. However, an independent director had sold off his provisional allotments for this and last year's tranches, raking in about S$84 in total proceeds.

It was earlier disclosed by SIA in a regulatory filing that independent director Hsieh Tsun-yan had sold his provisional allotments of 66,566 rights MCBs at 0.1 Singapore cent per rights in this exercise to raise S$6.2 billion for the airline.