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CAPITACOMMERCIAL Trust (CCT) , a property trust managed by Singapore's CapitaLand , on Friday launched a rights offer to raise S$828 million to pay down debt amid a plunge in office values.
CCT will offer existing shareholders one new units for every one held at S$0.59 a unit, which translates to a discount of about 44 per cent to the closing price of S$1.06 a share.
CapitaLand, which owns around 31 per cent of CCT, will subscribe for its share of the offer.
CCT and CapitaLand shares were suspended from trading on Friday.
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