First Sponsor almost fully redeems convertible perps ahead of proposed rights issue

MAINBOARD-LISTED First Sponsor Group said on Tuesday night that it has converted into shares and cancelled S$159.6 million or 98.4 per cent in initial aggregate principal amount of its Series 1 perpetual convertible capital securities.

This was after it had converted and cancelled an additional S$12.8 million or 7.9 per cent of the initial aggregate principal amount of the 3.89 per cent securities between April 8 and April 16 of this year. The China-based property developer intends to redeem all of the outstanding Series 1 securities after the completion of its proposed rights issue and bonus issue of warrants.

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