Stamford Land: Rights issue more than 140 percent subscribed

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Stamford Land Corp. reported Wednesday its rights issue of 703.74 million new shares to raise around S$239 million was oversubscribed.

Valid acceptances and excess applications were received for a total 1.01 billion rights shares, or around 143.6 percent of the total available, the company said in a filing to SGX.

The rights shares are expected to be issued on or around 14 February, Stamford Land said. 

In December, Stamford Land said it would hold a rights issue of 703.74 million new shares at S$0.34 each on the basis of nine rights shares for every 10 existing shares to raise net proceeds of around S$238.9 million.

The net proceeds were earmarked for the potential development of properties in Australia or Singapore, or the re-development of existing properties in Australia, including Stamford Plaza Brisbane and Sir Stamford at Circular Quay, asset enhancement of Stamford Grand Adelaide and/or Stamford Plaza Melbourne and other opportunistic real estate acquisitions which may be expected within the next 24 months, Stamford Land said in December.