Royal Orchid Hotel (Thailand) (SET:ROH) approved a rights offering of up to 280 million new shares at 0.60 baht each, according to a Monday filing with the Thai bourse.
The shares will be offered to existing shareholders at a ratio of 3.35 existing shares for one new share, with the record date set for Oct. 5 and subscription and payment scheduled for Oct. 20 to 27.
The company expects to raise up to 168 million baht if fully subscribed.
Proceeds will be used to address the company's free-float requirement, as well as for future investments, working capital and liquidity, Royal Orchid said.
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