Lower interest rate to boost S P Setia

The property developer, which plans to raise RM1.18bil from the exercise, intends to utilise the proceeds to redeem all outstanding RCPS-i B, which were issued in December 2017 and to repay borrowings. (Filepic shows a man viewing a model of SP Setia's Echo Park.)

PETALING JAYA: S P Setia Bhd’s proposed rights issue of new class C Islamic redeemable convertible preference shares (RCPS-i C) is set to allow the group to refinance existing preference shares at a lower rate.

The property developer, which plans to raise RM1.18bil from the exercise, intends to utilise the proceeds to redeem all outstanding RCPS-i B, which were issued in December 2017 and to repay borrowings.