The dry bulk shipowner announced that it intends to sell up to 25,213,602 new shares at a subscription price of NOK8 each, representing a 14.8% discount from the final price of NOK9.39 at close of market on 30 June.
Jinhui Holdings, which owns 54.77% stake in Jinhui Shipping, has entered into a pre-subscription agreement to subscribe to 13,810,400 shares at the price of NOK8 per share at a total consideration of NOK110.48m.
“The gross proceeds from the Jinhui Shipping righs issue, amounting to a amaximum of NOK201.7m, will be used to further reduce the overall indebtedness, including but not limited to the reduction of interest bearing bank debts, thus, putting Jinhui Shipping on an even sounder and stronger financing footing to operate in an expected slowly recovering market going forward,” Jinhui Holdings stated.
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