SINGAPORE - Singapore Airlines shares sank on the counter's first day of ex-rights trading, ahead of the flag carrier's $8.8 billion fund-raising to see it through the coronavirus crisis.
It recovered slightly to trade at $4.66 as at 10.16am, down 21.2 per cent or $1.25 from Tuesday's closing price. About 16.3 million shares had changed hands by then, making SIA the most active counter by value, as well as one of the most heavily traded by volume on the Singapore bourse. This includes up to 1.78 billion new shares to be issued at $3 apiece to raise $5.3 billion. The issue price represents a discount of about 53.8 per cent to the last transacted price of $6.50 on March 25, the last trading day before the carrier proposed the cash call.
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