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First Sponsor Group Proposes SG$333 Million Convertible Securities Rights Issue

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First Sponsor Group (SGX:ADN) proposed a renounceable, non-underwritten rights issue of up to SG$332.6 million in 4.85% perpetual convertible capital securities, according to a Singapore Exchange filing on Monday.

The rights issue offers one perpetual convertible capital security for every five existing shares at an issue price of SG$1.08 each, the release said.

Proceeds will fund expansion of the group's property‑holding, development and financing businesses and repay related borrowings.

United Overseas Bank (SGX:U11) has been appointed as the manager for the rights issue.

Shares of United Overseas Bank rose nearly 1% in recent trade.

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