Deals
OCBC Seeks $2.7 Billion Via Rights Issue After Wing Hang
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Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender by assets, plans to raise S$3.37 billion ($2.7 billion) by offering shares to existing holders after its acquisition of Hong Kong’s Wing Hang Bank Ltd.
The company will sell as many as 440 million new shares at a ratio of one share for every eight held in a rights offer at S$7.65 each, Singapore-based OCBC said in a statement to the city-state’s exchange today. The price represents a 25 percent discount to the stock’s close last week of S$10.20. The shares dropped 0.4 percent to S$10.16 at 4:08 p.m. local time today.