Mapletree Industrial prices new units at S$1.09 each

Mainboard-listed Mapletree Industrial Trust (MIT) has priced an offering of new units at S$1.09 a unit, in relation to the private placement of 48.5 million new units in the company.

This was a discount of 2.2 per cent to the adjusted volume weighted average price of S$1.115 a unit on July 27, MIT said.

It has also priced its preferential offering at S$1.06 a unit.

Citigroup and DBS Bank were the joint bookrunners and underwriters for the placement and preferential offering to raise around S$175 million.

In connection with the equity fund raising, the MIT intends to declare an advance distribution for the period from 1 July, 2011 to the day before the new units are issued.

The cumulative distribution (comprising the 1QFY2011 distribution and advance distribution) is estimated to range from 3.09 cents to 3.12 cents per unit. The cumulative distribution will only be distributed in respect of the existing units.

Source : Channel NewsAsia – 28 Jul 2011