off-the-wire

UPDATE 1-Australia's NEXTDC to raise $419 mln to fund expansion in Malaysia, NZ

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details on entitlement offer in paragraph 3, CEO quote in paragraph 4) May 11 (Reuters) - Australian data centre operator NEXTDC Ltd said on Thursday it was looking to raise about A$618 million ($419.19 million) through an entitlement offer to accelerate its expansion plans in Malaysia and New Zealand.


NEXTDC is planning phased development of two new data centres in Kuala Lumpur and Auckland, to cater to growing demand for data centre services across the Asia Pacific region. The Brisbane-based company said it was launching a fully underwritten entitlement offer, where eligible shareholders will be able to subscribe for one new share for every eight existing shares at a price of A$10.80.


"New Zealand and Malaysia are just the first greenfield geographic expansion opportunities outside of Australia, and we are excited about the possibilities ahead," Chief Executive Officer Craig Scroggie said. NEXTDC is targeting construction at both regions to begin in 2024, and aiming to complete in the first half of 2026.


($1 = 1.4743 Australian dollars) (Reporting by Roushni Nair in Bengaluru; Editing by Shinjini Ganguli)

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