{"id":107715,"date":"2019-06-03T10:40:23","date_gmt":"2019-06-03T03:40:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-sponsor-rights-issue-oversubscribed\/"},"modified":"2019-06-03T11:03:32","modified_gmt":"2019-06-03T04:03:32","slug":"first-sponsor-rights-issue-oversubscribed","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-sponsor-rights-issue-oversubscribed\/","title":{"rendered":"First Sponsor rights issue oversubscribed"},"content":{"rendered":"


\nFirst Sponsor will use the proceeds to finance expansion plans.\u00a0
\nThe $147.6 million rights issue of First Sponsor Group had been oversubscribed.
\nThis comes as the mainboard-listed property developer received a total of 117.12 percent of valid acceptances and excess applications for the 113.6 million convertible securities with warrants available at the close of rights issue on 24 May, reported The Business Times.
\nFirst Sponsor had previously said that it will use the proceeds from the rights issue to finance expansion plans.
\nThe rights issue will see shareholders receive 3.98 percent subordinated perpetual convertible securities that are pegged at $1.30 each. The perpetual securities could be exchanged for common shares, which come with an initial conversion price of $1.30 each.
\nShareholders will also enjoy a bonus issue of one warrant for every 10 existing common shares that they hold.
\nBut while the company did not provide the subscription rate for the bonus issue, it noted that 79.2 million warrants will be issued under it.
\nFirst Sponsor issued the convertible securities and warrants for the rights issue and bonus issue on 31 May, which are expected to be quoted and listed on the mainboard of the Singapore Exchange from 4 June.
\nThe key controlling shareholders of First Sponsor are Hong Leong Group Singapore, via its shareholding interests in Millennium & Copthorne Hotels, as well as Tai Tak Estates Sendirian Berhad.
\nTurn back time with PropertyGuru\u2019s GuruDeals! Get a new home at prices before the 2018 cooling measures now!\u00a0<\/p>\n

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…First Sponsor rights issue oversubscribed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

First Sponsor will use the proceeds to finance expansion plans.\u00a0 The $147.6 million rights issue...<\/p>\n","protected":false},"author":1,"featured_media":107716,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-107715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/06\/PGSG_Consumer_GuruDeals_In-house_Content_Banner-1.jpg?fit=728%2C120&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-s1l","jetpack-related-posts":[{"id":165725,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fabs-1-billion-at1-six-year-instrument-oversubscribed-3-3-times\/","url_meta":{"origin":107715,"position":0},"title":"FAB\u2019s $1 billion AT1 six-year instrument oversubscribed 3.3 times","date":"November 25, 2025","format":false,"excerpt":"\r Pricing of 5.875% of the perpetual non-call six-year instrument is more than 50bps tighter than the initial range of 6.375-6.500% The post FAB\u2019s $1 billion AT1 six-year instrument oversubscribed 3.3 times appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More.\r \r Source\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/11\/First-Abu-Dhabi-Bank-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":92955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-shares-2-2-times-oversubscribed\/","url_meta":{"origin":107715,"position":1},"title":"PropNex shares 2.2 times oversubscribed","date":"July 2, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. 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