Alexa
  • Directory of Taiwan

Britain's Standard Chartered to make rights offer

Britain's Standard Chartered to make rights offer

Standard Chartered PLC, Britain's third largest bank, said Monday it plans to raise 1.8 billion pounds ($2.7 billion) in a rights offer to shore up its balance sheet amid the economic downturn.
The London-based bank said it was giving existing shareholders the chance to buy 30 new shares for every 91 currently held at 390 pence ($5.82) each _ a 48.7 percent discount to Friday's closing price.
Temasek Holdings Pte _ Singapore's state-owned investment company and Standard Chartered's largest shareholder _ has confirmed it will purchase the shares it has the right to buy under the offer's terms, the bank said in a statement published on the London Stock Exchange.
Standard Chartered reaps more than 75 percent of its annual profit from the Asian market and so has not had the same funding difficulties as many British banks. Unlike rivals Royal Bank of Scotland Group PLC, HBOS PLC and Lloyds TSB Group PLC, Standard Chartered is not taking any money from the British government's 37 billion pound ($55 billion) bank bailout package.
"The proceeds from the rights issue will further strengthen our competitive position as significant opportunities emerge in our markets," Chief Executive Peter Sands said.


Updated : 2021-10-26 05:23 GMT+08:00