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Wing Tai issues S$150m 4.48% perpetual securities

MAINBOARD-LISTED property and retail player Wing Tai Holdings will be issuing S$150 million NC5 4.48 per cent perpetual securities.

NC5 or non-core 5 refers to securities not redeemed or called before year five.

The securities are expected to be issued on or around May 24, subject to customary closing conditions, the group said on Thursday in a regulatory filing.

They are also sold at a minimum of S$250,000, with distributions to be paid semi-annually on May 24 and Nov 24 of each year, according to bookrunner DBS in a separate announcement on Thursday.

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The proceeds from the issue will be used by Wing Tai for furthering business activities, including financing its business expansion and as general working capital.

DBS is the sole global coordinator for the issue of the securities. It is also the joint lead manager and bookrunner with OCBC Bank.

Wing Tai shares last traded at S$1.99 on Thursday, down two Singapore cents or 1 per cent as at 4.19pm.