Singapore Airlines (SIA) is tapping existing investors for up to S$15 billion ($...
) is tapping existing investors for up to S$15 billion through the sale of shares and convertible bonds to offset the shock to its business from the coronavirus outbreak.
“This is an exceptional time for the SIA Group,” SIA chairman Peter Seah said in a statement late on Thursday. SIA has said it will cut capacity by 96%, ground almost its entire fleet and impose cost cuts affecting about 10,000 staff in what it called the “greatest challenge” it had ever faced. The rights issue will be offered at S$3 per share, a 53.8% discount to SIA’s last traded price of S$6.5.
On Thursday, the Singapore government announced more than $30 billion in new measures to help businesses and households brace against the pandemic which is threatening to push the bellwether economy into a deep recession.
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