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AMP raises A$650M in share placement

Australia's AMP Ltd. completed its plan to raise A$650 million of capital through a share placement of about 406.3 million new fully paid ordinary shares to new and existing institutional investors at A$1.60 apiece.

The share placement price represents a 6.7% premium to the underwritten floor price of A$1.50 per new share, according to an Aug. 9 release.

The capital raising plan will allow AMP to immediately implement its transformational strategy to achieve higher-growth and higher-returns amid posting a net loss of A$2.29 billion for the six months ended June.

The shares are expected to be issued and start trading Aug. 14.