13 Apr '11, 10am

Hyflux to offer preference shares at issue price of S$100 a piece

Hyflux to offer preference shares at issue price of S$100 a piece

SINGAPORE: Water treatment firm Hyflux said it plans to offer up to S$200 million preference shares at an issue price of S$100 a piece. Preference shares are hybrids that have the properties of both equity and debt instruments. They usually carry a preferential dividend, and are senior to ordinary stocks, but subordinate to bonds, in case of liquidation of the issuer. Hyflux said the Class A Preference Shares, to be listed on the mainboard of Singapore Exchange, carry a dividend rate of 6 per cent per annum and will be cumulative, non-convertible and non-voting and also non-dilutive to existing ordinary shreholders. The dividend, if declared, will be paid semiannually subject to certain conditions, mainboard-listed Hyflux said in a statement. Hyflux said it has the option to increase the size of the offering to S$400 million if applications or indication of interest receiv...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

Tweets