First Pacific launches $282 million rights issue

First Pacific Company, a Hong Kong-listed investment and management firm, yesterday launched a rights issue that is expected to raise approximately $282 million. The company, which has operations in telecommunications, infrastructure, foodstuffs and natural resources, is raising capital to develop its mining business in the Philippines and Southeast Asia.

The company shall issue between 643 million and 672 million rights shares at a ratio of one rights share for every five existing shares held. The rights shares are equal to approximately 20% of the company's existing share capital and 16.7% of the enlarged share capital.

Anthoni Salim, First Pacific's chairman and controlling shareholder, has agreed to take all the rights shares that his 44.2%...