JMHLY Jardine Matheson Holdings Ltd (PK)

   By Gaurav Raghuvanshi 
 

SINGAPORE--Mandarin Oriental International Ltd. (M04.SG) Thursday said the hotels operator planned to raise about US$316 million in a one-for-four rights issue of its shares.

Mandarin Oriental would sell up to 251 million new shares at US$1.26 apiece, a discount of 28.4% to its closing price on March 4, the company said in a statement to Singapore Exchange, where it is listed.

The company said it would use the proceeds to retire debt and to renovate a hotel property in London.

Mandarin Oriental said that Jardine Strategic Holdings Ltd. (J37.SG) has undertaken to subscribe to its portion of the rights issue and also buy any shares other stakeholders decline to take.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

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