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SINGAPORE - Singapore Airlines (SIA) had sought and obtained overwhelming shareholder support to raise funds through its Mandatory Convertible Bonds (MCB) and rights share issues - funds that the airline said will put it on a strong footing to re-emerge as a global player as the Covid-19 pandemic recedes and borders reopen. The company was responding to a series of.
SINGAPORE (The Straits Times/ANN): Singapore Airlines (SIA) had sought and obtained overwhelming shareholder support to raise funds through its Mandatory Convertible Bonds (MCB) and rights share issues – funds that the airline said will put it on a strong footing to re-emerge as a global player as the Covid-19 pandemic recedes and borders reopen.
By Greg Waldron2021-06-01T06:05:00+01:00
Singapore Airlines has expressed confidence that it has the cash to ride out the coronavirus pandemic, as it also seeks to lower its monthly cash burn.
It says that a recent S$6.2 billion ($4.7 billion) convertible bond issue, in addition to its existing cash reserves, provide “the liquidity to sufficiently cover our financial needs well into FY2022/23”.
Source: Greg Waldron/FlightGlobal
The drop-off point of Changi Airport Terminal 3 on Monday 26 April.
The offering, announced on 20 May, constituted the second tranche of its Mandatory Convertible Bonds (MCB) programme, originally approved by shareholders on 30 April 2020.
SIA Group made the remarks in response to a series of questions from the Securities Investors Association of Singapore (SIAS).
Following massive losses for its 2020/21 financial year, Singapore Airlines (SIA) has moved to further shore up its cash position with a S$6.2 billion ($4.6 billion) convertible bond issue.