Shareholders snap up SIA rights shares but snub MCBs

The rights issue of shares by SIA has been fully subscribed, though shareholders were less keen to participate in the rights issue of mandatory convertible bonds (MCBs), application results out Tuesday showed. At the close of the rights issue last Thursday, valid acceptances and excess applications were received for 2.13b rights shares, representing close to 120% of the 1.78b rights shares available under the rights issue. Controlling shareholder Temasek, which owns 55.5% of SIA, took up its full pro-rata entitlement of 986m rights shares. A total of 67m rights shares that were not validly taken up will be allotted to satisfy excess applications. SIA directors and substantial shareholders like Temasek will rank last in priority for the rounding of odd lots and the allotment of excess rights shares. The rights issue of MCBs was undersubscribed. <br/>