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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Standard Chartered to raise $2.66 billion in rights issue AFP - Tuesday, November 25 SINGAPORE (AFP) - - British-based Standard Chartered bank said Monday it plans to raise 1.78 billion pounds (2.66 billion US dollars) in a rights issue to better position itself during the global financial turmoil. The bank said its largest shareholder, Singapore sovereign wealth fund Temasek Holdings, intends to take up the offer and is also participating in underwriting the issue. "The rights issue addresses the shift in investor expectations toward higher capital levels, reinforces the strength of the balance sheet during this turbulent period and will give Standard Chartered the flexibility to take advantage of the opportunities emerging from the current environment," the bank said in a statement. Standard Chartered, which is listed in Hong Kong and London, said it plans to issue more than 470 million new ordinary shares on the basis of 30 new shares for every 91 existing ones. They will be priced at 390 pence each, a discount of 48.7 percent on the stock's closing price last Friday, the bank said. In Hong Kong the issue price will be 45.11 Hong Kong dollars (5.82 US). The bank says more than 90 percent of its operating income and profits come from Asia, Africa and the Middle East -- a strategy which has allowed it to make "good progress" this year despite a global economic crisis which has led to government bailouts of other financial institutions. Standard Chartered said it achieved record results in the six months to June 30, and is strongly liquid and well capitalised. "Despite the extraordinary events of the last few months, which have left no major financial institution unaffected, the financial performance and asset quality of the group remain strong," the bank said, adding that economic growth in its core markets is clearly easing as a result of the global financial crisis and sharp economic slowdown in the West. "However, although these economies are not immune to the challenges and uncertainties emerging from the global financial crisis, in general their economic and financial fundamentals are resilient and their near-term economic growth rates appear likely to remain well above those of markets in the West," it said. Over the long term, the core markets remain very attractive given their high levels of foreign exchange reserves, high savings rates, low levels of leverage, resilient domestic demand and positive demographics, it added. "Following the rights issue, the group will be in an even better position to weather the economic uncertainties and take advantage of the opportunities emerging from the current turmoil in financial services," it said. In the current economic environment, investors have a greater focus on core equity capital and a general preference for higher levels of capital, it said. "Through this rights issue, the group can respond to these changes in market expectations, further strengthening its capital position and giving greater resilience and flexibility," it said. "Raising further equity capital will enable Standard Chartered to continue to build on its existing very successful strategy." A spokesman for Temasek, which has a stake of about 19 percent in Standard Chartered, declined to comment in Singapore. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A woman reads a newspaper in front of the UK-based Standard Chartered bank in Hong Kong. The bank has said it plans to raise 1.78 billion pounds (US$2.66 billion) in a rights issue to better position itself during the global financial turmoil. Most Popular – Top Stories Viewed Michael Jackson settles court case: spokeswoman Stricken German public bank KfW expects further losses Over 200 narwhal trapped in Canadian ice Slump in Europe spreads wider Japan scientists eye made-to-order bones View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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