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Tuesday, June 23, 2009

S'pore Starhill REIT rights issue to raise S$337m

SINGAPORE: Singapore's Starhill Global Real Estate Investment Trust yesterday proposed a rights issue to raise S$337.3 million (S$1 = RM2.43) to reduce debt and get new funds for possible acquisitions.

The property trust, which is controlled by Malaysia's YTL Corp Bhd (4677), will offer shareholders one new unit for every existing share held at S$0.35 per rights unit - a discount of about 45 per cent to the last closing price of S$0.64.

YTL, whose units own about 26.6 per cent of Starhill, will take up its entire allotment of rights shares and will subscribe for up to 75 per cent of the rights unit, the property trust said in a stock market filing.

DBS is the sole financial adviser to the deal and the rights issue will be fully underwritten by DBS, Merrill Lynch and Credit Suisse.

Starhill's assets include stakes in Wisma Atria and Ngee Ann City, two large malls on Singapore's Orchard Road shopping belt.

By Reuters

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