Mainboard-listed property and hospitality player, Overseas Union Enterprise, is proposing to issue up to S$200 million of notes due in 2015.
The notes are convertible into new ordinary shares.
OUE says the issue size and pricing will be determined after a book-building exercise.
The notes will be offered to institutional or accredited investors in Singapore, qualified institutional buyers in the US and also eligible investors outside the US.
Concurrent with the offering, Golden Concord Asia, a controlling shareholder of the firm, intends to undertake a placement of its shares.
Golden Concord is an investment unit of Indonesia’s Lippo Group.
OUE says it will use the net proceeds to acquire sites or properties for the development of hospitality, retail, commercial and residential properties in Singapore.
Source : Channel NewsAsia – 31 May 2010