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)
- Islamic State executes soldiers, takes hostages at Syria base: social media |
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |
- Gaza truce holding but Israel's Netanyahu under fire at home |
- WHO shuts Sierra Leone lab after worker infected with Ebola
- Ukraine warns Europe of Russian gas cut-off, Moscow denies