A belated update relating to the cash call done by SIA in March 2020. The cash call consisted of 2 parts :-
- Rights issue with 3 rights share for every 2 ordinary share at an issue price of $3
- Rights MCB at an issue price of $1 on the basis of 295 Rights MCB for every 100 ordinary share
As existing shareholders after holding it for more than 10 years, I have 2 options either to take up the offering or ignore it. At the end of the day, I decided to take up the offering to subscribe for both the Rights and the Rights MCB. A bold move ? Probably since most of the feedback I have gather was pretty negative about SIA amid the Covid-19. In fact, SIA just registered its first ever FY loss since listed in 1985. On 29th Jul 2020, SIA reported its 1Q FY20/21 earning with a S$1b loss for the quarter. The dark cloud circling around it definitely not over very soon.