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A proposed NOL Rights Issue was announced this morning by NOL to raise approximately S$1.437 billion. Existing shareholders will be given the option to subscribe for 3 Rights Shares at $1.30 for every 4 existing shares that they own.

The Rights Issue is renounceable and based on yesterday’s price, the theoretical ex-Rights price is S$1.43 per share.

Temasek Holdings, having an interest in 67.43% in NOL’s shares, has agreed that it will subscribe and pay in full all the Rights Shares that the Temasek Entities are entitled to. Read more…