Lendlease has launched a A$1.15 billion ($750 million) capital raising in order to bolster its balance sheet and protect its A$112 billion ($73 billion) global pipeline amid current economic uncertainty, and the firm withdrew all forecasts provided with its first-half results, reported multiple Australian outlets.
The halt to construction on a number of projects is likely to further weigh on the company's bottom line after it reported in February a 13.2 percent decline in after-tax profit for the six months to December 2019. LendLease also said senior executives and non-executive directors will take pay cuts.
Companies in Australia and New Zealand have largely turned to equity markets to raise nearly $12 billion to boost liquidity and calm nerves among investors fretting about the virus impact, reported Reuters.
