Singapore real estate developer CapitaLand said on Friday that its S$1.84 billion $1.2 billion rights issue has been oversubscribed based on initial calculations, making it the second Singapore-listed company this year to successfully replenish its equity capital without having to rely on underwriters for support.
The news shows that minority shareholders are willing to increase their exposure at a decent discount to the market price and should be encouraging for other companies that are either already raising money through a rights issue or about to launch do so. Companies from Singapore, Indonesia, Malaysia, Korea and Hong Kong are currently in the market with deals ranging from $300 million Indonesia's Bank Danamon to $17.7 billion...
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