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Singapore Airlines to raise $10.5bn in Temasek-backed rights issue

Offering to fund capital and operational expenses during pandemic

An Airbus A380-800 aircraft of Singapore Airlines takes off from Zurich airport in October 2019.   © Reuters

SINGAPORE (Reuters) -- Singapore Airlines, or SIA, is tapping existing investors for up to 15 billion Singapore dollars ($10.48 billion) through the sale of shares and convertible bonds to offset the shock to its business from the coronavirus outbreak.

The fund raising is being underwritten by the airline's biggest investor, state-owned Temasek Holdings, which owns about 55% of the group.

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