Sunday, June 21, 2009

Stockland completes capital raising

PROPERTY developer Stockland has completed $1.98 billion in capital raising, which will be used to sure up its balance sheet.

The company says it has raised $1.56 billion from institutional investors, and $420 million from small investors.

Stockland managing director Matthew Quinn said the capital raising showed shareholders had faith in the company.

"We are very pleased with the strong support our existing security holders have shown and we welcome our new investors onto our register,'' Mr Quinn said.

Stockland in February reported a half year loss of $726.9 million for the six months to December 31, reflecting downward revaluations of its investment properties and movements in non-cash items.

Operating net profit fell 60.6 per cent to $127.9 million for the first half, compared to the corresponding prior quarter.

At 3.09pm, Stockland shares were down 2 cents at $2.98.