Starhill Global REIT proposes a rights issue to raise S$337m

Starhill Global Real Estate Investment Trust has proposed a rights issue to raise some S$337 million.

It plans to use the proceeds to reduce debt and fund possible acquisitions.

The Singapore-listed property trust is controlled by Malaysia’s YTL Corp.

Under the plan, it will offer unit-holders one new unit for every existing one held, at an issue price of 35 cents per rights unit.

YTL, which owns 26.6 per cent of the REIT, has undertaken to subscribe up to 75 per cent of the offer.

DBS Bank is the sole financial adviser for the rights issue.

Source : Channel NewsAsia – 22 Jun 2009

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