Debts

Australian steelmaker Bluescope Steel (BSL) has announced to raise $600 million capital in order to pay its existing debt.

The steelmaker recently announced that their debts climbed to a high of $1.56 billion by October 31 from $1.068 billion last June 30.

A fully underwritten four-for-five rights issue is used to raise the target capital, giving its shares a price of 40 cents per share, a 34 per cent discount to yesterday's 61 cents per share.

Trinity Group (TCQ), the Australia based company that concentrates on the investment, fund management and property development business in the real estate sector has declared that it will sell as much as 50 percent of its stake of the wholesale fund management business as the company is currently working on reorganizing its management and reducing debts.