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CIMB Group's Thai unit to raise 5.51B baht via rights issue

CIMB Group Holdings Bhd.'s Thai unit is looking to raise 5.51 billion baht through a rights issue, The Nikkei reported Jan. 23.

The new stock will be priced at 1 baht per share. Two rights shares will be issued to shareholders for every nine shares held. The unit, 93.7% owned by CIMB Group, plans to return to profitability in 2017 after it suffered losses in 2016 due to high bad loans provisioning.

As of Jan. 23, US$1 was equivalent to 35.28 Thai baht.