Olam proposes rights issue to raise about $445m to pare debt

Singapore-based commodity trader Olam International said on Tuesday it was planning a rights issue to raise net proceeds of about S$597.9 million ($445 million) to pay down some debt.

Priced at S$1.25 on a basis of three rights shares for every 20 existing ordinary shares, the rights issue price represents a 26.9% discount to Olam’s last traded price per share of S$1.71 on Monday.

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