Investors flock to telco as it raises new shares note, oversubscribing by three times.SingTel, the Singapore owned Telecoms giant, has raised $A593.35 m through a 10.5-year note issue that will be used for “general corporate purposes and repayment of debt,” according to reports.
The stocks issue met with massive response from a wide range of high-quality investors and was oversubscribed three times,
The move is part of a larger financial strategy, said Optus’ parent company.
The order book closed after registering $A1.78 billion of interest, according to TradingRoom.com.
Australia’s second largest carrier last month recorded a net profit jump of 12.7 per cent to $514 million year on year.
“Australia continued to perform and deliver strong revenue growth,” Ms Chua Sock Koong, SingTel Group CEO said at the time.
The telco also hinted it is thinking outside the box and seeking to invest in “key initiatives in multimedia and ICT to capture new growth opportunities as we transform the group’s business beyond telecommunications.”