Singapore Airlines (SIA) says it has used a further $1.1 billion out of the $8.8 billion raised from its rights issue between Dec 14, 2020, to Feb 21.

Of the $1.1 billion, some $0.4 billion went towards the funding of ongoing operating expenses, while another $0.1 billion had gone towards the refunds of flight tickets that were subsequently cancelled in view of the continuing border controls and travel restrictions.

A further $0.6 billion has gone towards aircraft and aircraft-related payments.

SEE:Singapore Airlines trials pre-departure Covid-19 tests to revive travel

To date, the airline has used about $8.2 billion between June 8, 2020, and Feb 24, including the one-time utilization of $2.0 billion for the repayment of the bridge loan from DBS Bank.

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“Such use of proceeds is in accordance with the intended use of proceeds stated in the Offer Information Statement,” says the airline in a March 1 statement.

“While international air travel continues to be affected by the pandemic, the company will continue to be prudent and proactive in managing its liquidity,” it adds.

Shares in SIA closed 26 cents higher or 5.2% up at $5.24 on March 1.