CCT says S$828m rights issue 1.35 times oversubscribed

CapitaCommercial Trust (CCT) said its rights issue was 1.35 times oversubscribed.

The trust had launched a 1-for-1 renounceable rights issue of 1.4 billion rights units at 59 cents each.

But applications came in for over 1.9 billion rights units.

CCT launched the rights issue to raise S$828.3 million, mainly to reduce its existing borrowings.

The rest of the proceeds will be used for capital expenditure, asset enhancements and general corporate and working capital purposes.

CCT said it expects the rights units to be listed and quoted on the Singapore Exchange mainboard from this Friday.

Source : Channel NewsAsia – 30 Jun 2009

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