9/19, 6:25 PM (Source: TeleTrader)
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Rolls Royce negotiating with GIC to raise $3.2B - report

British multinational engineering company Rolls-Royce Holdings Plc is negotiating with sovereign wealth funds, including the Government of Singapore Investment Corporation (GIC), in order to raise around £2.5 billion ($3.2 billion) from its investors next month, the Financial Times reported on Saturday.

Rolls Royce is allegedly working with investment bankers at Goldman Sachs as the company’s balance sheet was severely ruined by the coronavirus pandemic. The sources said that the board could push the decision to the last minute.

Last month, the company confirmed its revenue landed at £5.8 billion ($7.5 billion) in the first half of fiscal 2020, marking a 26% fall compared to the same period the year before.

Breaking the News / TF