New World Development weighs up to $3.2 billion rights issue, Bloomberg News reports
FILE PHOTO: A general view of developer New World Development’s office tower, K11 Atelier King’s Road, in North Point of Hong Kong, China February 2, 2023. REUTERS/Clare Jim/File Photo
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Nov 13 : Hong Kong property developer New World Development has appointed banks to prepare for a rights issue that could raise as much as HK$25 billion ($3.2 billion), Bloomberg News reported on Friday, citing people familiar with the matter.
Trading in New World’s shares was halted on Friday pending the release of inside information by the company, according to a pre-market filing to the Hong Kong exchange.
New World did not immediately respond to a request for comment.
The Hong Kong property developer, the most heavily indebted among its local peers, has been trying to cut debt, dispose of assets and bolster liquidity amid tight credit conditions and a weak property market.
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CEO Echo Huang told an earnings conference in October she expected the company’s cash flow would improve significantly in the first half of fiscal 2026/27.
In a bond exchange offer last month, New World issued around $189 million in new secured notes due in 2032 to swap for some notes due in 2027 and 2028.
($1 = 7.8442 Hong Kong dollars)
Source: Reuters
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