ASIA Standard International yesterday proposed a six-for-five rights issue to raise $583 million for debt reduction and property acquisition. Its parent, Asia Orient, announced a two-for-one $325 million rights issue to fund its subscription for Asia Standard's rights shares. According to the rights issue, Asia Standard will issue not less than 728.94 million new shares at 80 cents each, representing a 50 per cent discount to the closing price of $1.60 yesterday. For Asia Orient's issue, not less than 295.11 million new shares will be issued at $1.10 each, representing a 58 per cent discount to the closing price of $2.625 yesterday. Net proceeds of Asia Standard's issue will amount to about $572 million, of which $100 million will be used to acquire a property in Prince Edward Road. The balance will be used to reduce the group's debt, which stood at $923 million at the end of July. Asia Orient, which owns 52 per cent of Asia Standard, will raise a net of $317 million, of which $305 million will be used to fund its share in Asia Standard's rights issue. The remaining $12 million will be reserved as working capital.