March 26, 2020 / 4:52 PM / 11 days ago

Singapore Airlines to raise $10.5 bln in rights issue amid coronavirus shock

SINGAPORE, March 26 (Reuters) - Singapore Airlines said it would issue S$5.3 billion($3.70 billion) in new equity and up to S$9.7 billion($6.78 billion) via mandatory convertible bonds in a rights issue backed by state investor Temasek Holdings to cope with the coronavirus outbreak.

“The company intends to use the proceeds from the rights issues to fund capital and operational expenditure requirements,” SIA said in a statement late on Thursday. ($1 = 1.4313 Singapore dollars) (Reporting by Anshuman Daga Editing by Mark Heinrich)

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