By Michelle Tay

CAPITALAND, South-east Asia's biggest developer, is turning to its own shareholders to raise $1.84 billion, after announcing an 88.4 per cent slump in fourth-quarter net profits.

The company will offer eligible shareholders the chance to buy one share for every two held at $1.30 - a steep 45 per cent discount on its last traded price.

The proceeds will enhance the group's financial flexibility, allowing it to pursue acquisitions and other investment opportunities, the group said in a statement.

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