News
Singapore Airlines has spent the $S8.8 billion raised from its 2020 rights issue
September 20th 2021
Singapore Airlines has informed Singapore's Stock Exchange it had spent the S$8.8 billion raised in a 2020 rights issue with the last S$600 million going to aircraft and aircraft related payments. Read More »
SIA said in the filing to the local exchange it had spent S$2 billion of the funds to repay a bridging loan from DBS Bank that was set up in in April 2020 to provide the liquidity needed until the rights issue was processed.
Another S$2.2 billion went on operating expenses, S$1.4 billion on ticket refunds, S$1.8 billion on debt service and S$1.4 billion on aircraft and aircraft-related repayments. The airline group said the money was spent in accordance with the intended uses outlined in its offer information statement. It sought a further S$6.2 billion in additional liquidity in June this year but said the net proceeds of that rights issue have yet to utilised.
“In total, the company has successfully raised S$21.6 billion in fresh liquidity since April 1, 2020,’ it said in a stock exchange announcement. “In addition to the cash on hand, the group continues to retain access to S$2.1 billion of committed lines of credit that remain undrawn at present. While international air travel continues to be affected by the pandemic, the Company will remain prudent and proactive in managing its liquidity.”
