Singapore Airlines soars most since 1987

Singapore Airlines share price, adjusted for the planned rights issue, soared as much as 21%, the most since October 1987

SINGAPORE: Singapore Airlines Ltd’s shares surged the most in more than three decades on bets that ongoing fund raising will help the carrier survive as lockdown restrictions ease worldwide from Italy to the United States.

Its share price, adjusted for the planned rights issue, soared as much as 21%, the most since October 1987. The company unveiled in March plans to raise about S$8.8bil (US$6.2bil) by rights issue and convertible bonds to contend with the devastating impact of the coronavirus pandemic. Investors had until Tuesday to buy the stock to be entitled to any rights.