CDL of Singapore’s 2nd richest billionaire Kwek Leng Beng launches $1.5B multicurrency perpetual securities issuance program
City Developments, controlled by Singapore’s second-richest man Kwek Leng Beng, has launched a multicurrency perpetual securities issuance program worth S$2 billion (US$1.57 billion).
Under the program announced on Thursday, the real estate firm could issue perpetual securities in series or tranches, denominated in Singapore dollars or other currencies, subject to regulatory approvals.
Proceeds from the perpetual securities program will be used to finance the general working capital requirements and corporate funding of the company and its units. The funds could also be deployed to refinance the borrowings of the group.
Kwek Leng Beng (centre), executive chairman of City Developments Limited, presenting a new condominium project, Jan. 5, 2007. Photo by SPH Media via AFP |
Perpetual securities are fixed-income assets that do not have a fixed maturity date and could have fixed or floating rates of distribution.
The firm has appointed Singapore’s United Overseas Bank as the arranger and dealer of the program.
City Developments has applied to Singapore Exchange for the listing and quotation of perpetual securities on the exchange.
The firm, one of the city-state’s largest property developers, is the second Singapore-listed company to set up a multicurrency capital-raising program this week after shipbuilder Seatrium.
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