SYDNEY: Hutchison Telecommunications Ltd plans to raise up to A$2.85bil (US$2.26bil) in equity to cut debt and interest costs, prompting a slump in the firm’s share price. The shares tumbled as much as 14.6% after the news, before closing down 12.2% on the day at 18 Aussie cents.
The rights issue of convertible preference shares will be the second largest in Australia, trailing an offering by ANZ Bank in 2003.
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