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SIA gets shareholder nod for S$15b cash call amid Covid-19 crisis

It will issue up to 1.77b new shares at S$3 per share to raise S$5.3 billion, and also raise more funds through mandatory convertible bonds

Nisha Ramchandani

Published Thu, Apr 30, 2020 · 09:50 PM

Temasek

Singapore

SHAREHOLDERS voted in favour of Singapore Airlines' (SIA) cash call at a virtual extraordinary general meeting (EGM) on Thursday, paving the way for the airline to raise up to S$15 billion as it battles its biggest crisis to date.

At the EGM, 99.79 per cent of the votes were in favour of the first resolution. This covers the raising of S$8.8 billion through a 3-for-2 rights issue of shares and a mandatory convertible bond (MCB) issue.