Mapletree Log says private placement to raise S$78m over-subscribed

Mapletree Logistics Trust said on Tuesday its private placement to raise net proceeds of about S$78 million has been over-subscribed, with strong participation from both existing and new unit holders.

The new units were allocated to over 20 quality institutional investors from Asia, Australia, Europe and the US. About 80 per cent of the new units were allocated to long-only fundamental investors.

The issue price per new unit has been fixed at 69 cents, which is at the lower end of its price range.

On Monday, Mapletree said it is offering 115 million new units at a price of between 69 and 71 cents per unit. The money will be used to finance two proposed acquisitions in Singapore.

Source : Channel NewsAsia – 10 Nov 2009

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