The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN
SUBSCRIBERS

OCBC to raise S$3.3b from rights issue

Up to 440m new shares will be offered at S$7.65 a piece

Published Mon, Aug 18, 2014 · 10:00 PM
Share this article.

[SINGAPORE] OCBC Bank yesterday announced an expected S$3.3 billion rights issue on the basis of 1-for-8 shares to pay for Hong Kong's Wing Hang Bank.

Founding family shareholder, the Lee group, will take up their full entitlement of about 26.7 per cent of the rights issue; the remaining 73.3 per cent have been jointly underwritten by Merrill Lynch (Singapore) Pte Ltd; HSBC, Singapore branch; and JP Morgan (SEA) Ltd.

The rights issue of up to 440 million new shares will be offered on the basis of one rights share for every eight shares at S$7.65 a piece.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

New Articles

newspaper iconPurchase this articleshopping cart icon

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here