First Sponsor plans up to S$162.2 million 3.98% perpetual convertibles

By Wendy Van Sickle

Columbus, Ohio, March 15 – Singapore’s First Sponsor Group Ltd. plans to issue up to S$162,199,110 of 3.98% perpetual convertible capital securities at par of S$1.10 with an initial conversion price of S$1.10, representing a 24.1% discount over the closing price of the shares on Tuesday, according to a company announcement.

Assuming no adjustments to the conversion price, the maximum number of conversion shares that may be issued is 147,453,737 shares, representing 25% of the total number of issued shares.

The rights issue will be made to entitled shareholders on the basis of one convertible security for every four existing shares held by entitled shareholders.

The convertibles will become redeemable in whole or in part at any time after six months.

First Sponsor is a Singapore-based developer with residential and commercial properties in mainland China. The company also provides property financing services.

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