Maybank downgrades Olam to 'sell' after fund-raising plan
SINGAPORE Dec 4 (Reuters) - Maybank Kim Eng downgraded Olam International Ltd to 'sell' from 'hold' and cut its target price to S$1.42 from S$1.75 after the commodities trader announced its fund-raising plan, which is backed by Singapore state investor Temasek Holdings.
Olam is issuing a nominal $750 million of 6.75 percent five-year bonds at a price of 95 percent, raising $712.5 million.
The bonds have warrants attached that will allow holders to buy a total 387 million shares at $1.291, which would raise $500 million if they were all exercised. (Reporting by Eveline Danubrata; Editing by Paul Tait)
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial |
- Google bus blocked in San Francisco gentrification protest
- Reporter can keep sources secret in Colorado theater shooting: court
- Regulators seek to curb Wall St. trades with Volcker rule |
- Thai PM urges protesters to take part in election |