Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Major investment banker Macquarie Group is looking to raise $1 billion from shareholders
  • The funding will go towards investments in the renewables, technology, and infrastructure sectors
  • Macquarie Group’s share price is currently sitting at $123.51 apiece. There is no movement today, as the bank requested a trading halt until Friday, August 30.

Macquarie Group told the market this morning it is looking to raise $1 billion from shareholders to help fund new investments.

The investment banker detailed funding will predominantly go towards the renewables, technology, and infrastructure sectors. It plans to capitalise on opportunities for investment by having financial flexibility.

CEO of Macquarie Shemara Wikramanayake told shareholders the group wants to expand its investments in order to deliver higher return to its investors.

“We have continued to identify opportunities to invest capital with the potential for attractive risk-adjusted returns for shareholders over the medium term,” Shemara said.

“Raising new capital at this point allows us to maintain strategic flexibility in light of these opportunities,” she said.

Shareholders will be offered a one per cent discount under the share purchase plan, based on Macquarie’s five day volume-weighted average price leading to the capital raising closing date.

The company outlined it expects results from the first half of the 2020 financial year to be 10 per cent higher than in 2019. However, overall results will be down as the the second half of the 2019 financial year was very strong.

Macquarie Group’s share price is currently sitting at $123.51 apiece. There is no movement today, as the bank requested a trading halt until Friday, August 30.

MQG by the numbers
More From The Market Herald
The Market Herald Video

" Jetstar CEO to step down while Qantas (ASX:QAN) cuts flights

Qantas (ASX:QAN) has broken the news that Jetstar CEO Gareth Evans will be stepping away from…
The Market Herald Video

" Pilbara Minerals (ASX:PLS) secures $9000/dmt lithium sale from pre-auction bid

Pilbara Minerals (ASX:PLS) has entered into a sales contract for its spodumene concentrate cargo after accepting…
Metcash (ASX:MTS) - Outgoing CEO, Jeff Adams

" Metcash (ASX:MTS) ups revenue and launches share buyback as revenue reaches record heights

Grocery and hardware giant Metcash (ASX:MTS) has launched a major share buyback and bolstered its annual…
Metcash (ASX:MTS) - Outgoing CEO, Jeff Adams

" Metcash (ASX:MTS) Group CEO steps down

Metcash’s (ASX:MTS) group CEO, Jeff Adams, announces his intention to retire from the role, after a…