Skip to content
Subscriber Only

Singapore Air Soars Most Since 1987 on Hopes of Easing Lockdowns

  • Carrier’s stock jumps as much as 21% amid rights issue
  • Reopening of economies and fund raising will help: Tang
Operations at The World's Best Airport
Photographer: Nicky Loh/Bloomberg
Updated on

Singapore Airlines Ltd.’s shares surged the most in more than three decades on bets that ongoing fund raising will help the carrier survive as lockdown restrictions ease worldwide from Italy to the U.S.

Its share price, adjusted for the planned rights issue, soared as much as 21%, the most since October 1987. It pared its advance to 11% this afternoon. The company unveiled in March plans to raise about S$8.8 billion ($6.2 billion) by rights issue and convertible bonds to contend with the devastating impact of the coronavirus pandemic. Investors had until Tuesday to buy the stock to be entitled to any rights.