First Pacific, a Hong Kong-based investment management and holding company with operations in Asia, plans to raise at least HK$3.88 billion $500 million from a fully underwritten rights issue. The company, which is controlled by Indonesian tycoon Anthoni Salim, has set the subscription price at a 29.6% discount to Monday’s close.
The company intends to use the proceeds to strengthen its balance sheet, to finance potential acquisitions and for general corporate purposes, it said in a filing to the Hong Kong stock exchange late Monday. HSBC is the underwriter of the rights issue.
First Pacific’s principal businesses are in telecommunications, infrastructure, consumer food products and natural...
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