Link REIT Plunges After Rights Issue Announcement
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2023-02-13 HKT 16:00
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Link REIT’s share prices plummeted by as much as 16 percent on Monday – the biggest one-day loss since 2008 – after it resumed trading following a rights-offering announcement to seek fresh funds.
The real estate investment trust company announced last Friday that it would like to raise about HK$18.8 billion in capital by way of a rights issue.
It said up to half of the proceeds will be used to repay debt and for working capital, while part of the fresh funds will also be utilised for “future investment opportunities, with a focus on the retail, car park, office and logistics sectors across Asia-Pacific”.
The financial sector had mixed reactions to the news, with UBS saying it expects Link REIT’s share price to respond negatively, Goldman Sachs downgrading the firm’s outlook from buy to neutral, and Morgan Stanley remaining positive about its prospects.
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