CDL Hospitality Trusts places out units at S$1.71

Mainboard-listed CDL Hospitality Trusts said its new units were placed out at the lower end of its indicative range.

It has fixed the issue price for each new unit at S$1.71.

Its indicative range was between S$1.71 and S$1.77.

At the price of S$1.71, it represents a discount of 7.1 per cent to the adjusted volume weighted average price of S$1.8402 per stapled security.

CDL Hospitality said its private placement was over-subscribed.

It’s issuing 116.9 million new units, raising net proceeds of about 196.4 million dollars.

In trade on Wednesday, CDL Hospitality Trusts closed at S$1.77, down 6.4 per cent.

Source : Channel NewsAsia – 23 Jun 2010

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