City Developments denies rumours of rights issue

Property developer City Developments (CDL) has denied market talk that it is planning a rights issue.

In a statement to the Singapore Exchange, CDL said there is no truth to the rumours.

Late last month, the company had issued S$100 million of Islamic notes to fund its shariah-compliant business. The trust certificates are due in 2010.

On Wednesday, shares of CDL fell 4.2 per cent to S$5.28.

The counter also saw its highest volumes in three months, with some 6.9 million shares changing hands.

Since the start of the year, the counter has fallen 27.2 per cent.

Source : Channel NewsAsia – 4 Feb 2009

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