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Chartered plummets on rights issue in Singapore
AFAR
9/2/2002 1:27:00 PM

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SINGAPORE -- Chartered Semiconductor Manufacturing shares have fallen 52%. Prices will be issued at S$1.0 per share in hopes of raising US$633 million. Chartered said proceeds would be used for capital expenditure, working capital, and general purposes.

Singapore shares, which have fallen for the past 6 consecutive days, could see a small technical bounce on Monday much like stocks such as Venture Corp, which posted encouraging half-yearly results.

The bellwether Straits Times Index closed down 0.12 percent or 1.85 points at 1,488.50 on Friday. The index has fallen 8.3 percent since the start of the year, and lost 1.32 percent in August.

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