PROPERTY developer IOI Properties Bhd plans to raise up to RM932 million from a rights issue to part-fund its projects in Singapore.It will also use part of the money to refinance existing debt, it said in a statement to Bursa Malaysia yesterday. IOI Properties has total debt of RM225 million.In January, the company, a unit of IOI Corp Bhd, won a bid with its partner to buy land on the resort island of Sentosa, Singapore, for S$1.097 billion (RM2.5 billion).This followed its first successful bid in March last year. Then, it won a tender to buy land on the island for RM1.1 billion."IOI Corp, being the controlling shareholder of IOI Properties, will give its irrevocable and unconditional written undertakings to subscribe in full for its entitlement," IOI Properties said.
(New Straits Times 27-2-2008)
