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Ever Harvest to raise funds for vessel acquisitions

Ever Harvest to raise funds for vessel acquisitions
Hong Kong’s Ever Harvest Group has proposed to issue around 350m shares to raise funds for acquiring vessels over the next two years.

The shares are priced at HKD0.38 per share which could potentially raised around HKD133m ($17m) for the group.

Approximately HKD40.9m, or 45% of the net proceeds, would go towards adding three to four vessels to its fleet in the next couple of years, depending on the type and configurations of the vessels and the market situation.

A further HKD36.4m or 40% of the net proceeds would go towards the development of its container depot and the associated logistics service center to deepen its scope of service to include more port and logistics related services.

Another HKD4.5m would be spent on acquiring additional containers and upgrading computer system and software, while some HKD9.1m would be for general working capital.

To-date, the feeder shipping services firm operates 16 vessels running between Hong Kong and China ports.