http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSYU00647820090506
Australia GPT seeks to raise up to A$1.67 bln
MELBOURNE, May 7 (Reuters) - General Property Group (GPT.AX), struggling to sell its hotel and resort assets to help pay down debt, plans to raise new equity for the second time in six months, it said on Thursday.
It sought a trading halt on its stock while it conducted the sale.
The capital raising had been long expected by the market as Australia's fifth-largest property trust, like many others, has been caught between falling property prices and managing debt taken on in an acquisition spree before the credit crunch hit.
GPT raised A$1.6 billion ($1.2 billion) last November in a share sale to institutional and retail investors priced at A$0.60 a share. Its shares last traded at A$0.475.
GPT's two biggest shareholders are GIC Real Estate, part of the Government of Singapore Investment Corporation, and Stockland Group (SGP.AX), which owns about 13 percent. ($1=1.346 Australian Dollar) (Reporting by Sonali Paul; Editing by James Thornhill)
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Australia GPT seeks to raise up to A$1.67 bln
MELBOURNE, May 7 (Reuters) - General Property Group (GPT.AX), struggling to sell its hotel and resort assets to help pay down debt, plans to raise new equity for the second time in six months, it said on Thursday.
It sought a trading halt on its stock while it conducted the sale.
The capital raising had been long expected by the market as Australia's fifth-largest property trust, like many others, has been caught between falling property prices and managing debt taken on in an acquisition spree before the credit crunch hit.
GPT raised A$1.6 billion ($1.2 billion) last November in a share sale to institutional and retail investors priced at A$0.60 a share. Its shares last traded at A$0.475.
GPT's two biggest shareholders are GIC Real Estate, part of the Government of Singapore Investment Corporation, and Stockland Group (SGP.AX), which owns about 13 percent. ($1=1.346 Australian Dollar) (Reporting by Sonali Paul; Editing by James Thornhill)
---------------------------
Latest news update at Singapore News Alternative:
1. Out of the world logic in reducing MRT train frequency when swine flu pandemic alert reaches red
2. Malaysia`s Firefly Beats Singapore`s Tiger Hands Down On Customer Service
3. Tiger boast: "We’re still the fastest growing airline in Australia"
4. GIC's Struggling Australia GPT Seeks To Raise US$1.24 Billion To Pay Down Debt
5. US debt on default path
6. Singapore to Refine Islamic Finance Rules to Boost Industry
7. Singapore Air Force pilots to train in Idaho
8. Macau to learn from Singapore on water-saving
9. Singapore's National Broadband Network progresses
10. Singapore firms urged to retain existing manpower while cutting costs
11. Singapore decides no one worthy of top sportsman
.
