Luxury hotel operator Mandarin Oriental International has raised US$150 million through a one-for-five rights issue, despite the offer being undersubscribed.
The offer was priced at 51 Singapore cents (about HK$2.30) a share, a 13 per cent premium on yesterday's closing price of 45.5 Singapore cents, a historic low.
The firm also issued convertible bonds at US$5,000 each on the basis of one bond for every 48,000 existing shares.
Valid acceptances were received for 108.68 million, or 74.61 per cent of the shares on offer, and 9,909, or 65.31 per cent, of the 15,173 convertible bonds.
'[Mandarin] will be disappointed that the offer was not fully subscribed,' an analyst said.
Last month, Mandarin said that it was in talks to acquire Monaco-based Rafael Group, which operates six luxury hotels and resorts in Europe and the United States.