First Sponsor Group Limited on Aug, 3 2026 announced a proposal to launch a renounceable, non-underwritten rights issue of up to 332.606 million Singapore dollars in aggregate principal amount of 4.85 percent Series 3 Tranche 2 perpetual convertible capital securities.

The securities, to be issued at 1.08 Singapore dollars each, will be offered on the basis of one security for every five existing ordinary shares held on a record date to be fixed. Once issued, they will be consolidated with the 243.983 million Singapore dollars Series 3 Tranche 1 securities placed on Sep, 30 2024, and will be convertible into new shares at an initial conversion price of 1.08 Singapore dollars.

United Overseas Bank Limited will act as manager; the offer will not be underwritten. Major shareholders First Sponsor Capital, Tai Tak Asia Properties and Chengdu Tianfu Properties, together holding about 47.6 percent of the company’s shares, have each given irrevocable undertakings to take up their full entitlements.

Net proceeds are estimated at about 331.8 million Singapore dollars if all outstanding warrants and Tranche 1 securities are exercised and all new securities are subscribed, or about 243.2 million Singapore dollars if no conversions occur before the record date. The funds will be used primarily to repay borrowings linked to recent hotel acquisitions in Amsterdam and the Netherlands, and to support further expansion of the group’s property holding, development and financing businesses.

The transaction is subject to approval in-principle from Singapore Exchange and the lodgement of an offer information statement with the Monetary Authority of Singapore. Shareholders are advised to exercise caution when dealing in the company’s securities.