Monday, 24 November 2008

StanChart plans $3 bln rights issue - source

SINGAPORE (Reuters) - Asia-focussed bank Standard Chartered is likely to announce later on Monday it plans to offer a $3 billion rights issue, a source familiar with the plan told Reuters.

"The announcement will be likely made later today about the rights issue," said the source, who asked not to be identified because the deal is not public.

Temasek declined comment.

Singapore state investor Temasek Holdings, which owns a 19 percent stake in the UK-based lender, is considering whether it should participate in the rights issue, the source said.

It was unclear if Temasek will raise its stake or buy shares in order to avoid a dilution.

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