Mapletree Commercial Trust preferential offering meets strong demand

Signage at Mapletree Commercial Trust’s VivoCity mallSignage at Mapletree Commercial Trust’s VivoCity mall

Mapletree Commercial Trust’s preferential offering of 205.59 million new units at S$2.24 each met with strong demand, with acceptances and excess applications totaling 145.4 percent of the units available, the trust said in a filing to SGX Monday.

Valid acceptances were received for 90.3 percent of the units on offer, or for 185.68 million units, with excess applications for another 113.21 million units, or 55.1 percent of the offering, the filing said.

The preferential offering will raise gross proceeds of around S$460.5 million, which together with the around S$458 million raised from a private placement, brings the equity fundraising to around S$918.5 million, Mapletree Commercial Trust said.

The offering, which closed on 7 November, was on the basis of 71 new units for every 1,000 existing units, the filing said.

The new units are expected to be listed on the main board of SGX on 15 November, the filing said.

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