This will be done by issuing new shares to current shareholders to raise about $5.3 billion and issuing mandatory convertible bonds to raise up to $9.7 billion, the airline said.. Read more at straitstimes.com.
SINGAPORE - Singapore Airlines aims to raise up to $15 billion amid major financial challenges due to the Covid-19 pandemic which has hit the global air travel sector badly.
The rights shares will be offered at $3 per share, a discount of about 54 per cent from the last traded price of $6.50 on Wednesday.In the meantime, SIA has arranged for a $4 billion bridge loan facility with DBS Bank. "Through the Government's support for the aviation sector, and if necessary more direct support measures, we will make sure that SIA is able to come through this in good shape.
He noted that SIA accounted for more than half of Changi Airport's passenger traffic and cargo tonnage last year. In this regard, SIA will benefit from the enhanced Jobs Support Scheme and the enhanced Aviation Support Package which will reduce its operating expenditure.
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