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CapitaCommercial Trust - Rights Issue: 1-for-1 rights issue at S$0.59/share
CapitaCommercial Trust (CCT) has announced a renounceable 1-for-1 rights issue at S$0.59/share, representing 44.3% discount to yesterday's closing price.The exercise will raise S$828.3m to be used primarily for reducing existing borrowings. The rights issue will reduce gearing from current 43.1% (after taking into account fresh valuation dated 22 May 09) to 30.7%. The rights issue will provide financial flexibility, which is augmented by CCT's S$2.0b-worth of assets that are not pledged against any loans.CCT's portfolio of investment properties is valued at S$6,029.6m based on latest valuation as at 22 May 09. This is 10.1% lower compared to valuation of S$6,710.6m as at 1 Dec 08. NAV/share is S$1.51 after taking into account the 1-for-1 rights issue and the latest valuation, much lower than previous S$2.91.Rights units will be entitled to distributions which may accrue from 1 Jan 09. CCT is committed to maintain payout ratio of 100% for FY09.The rights issu
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