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Malaysia's Shin Yang readies IPO

Malaysia's Shin Yang readies IPO

Kuala Lumpur: Shin Yang Corporation Bhd (Shin Yang), a local shipping company based in Miri, Sarawak expects to list this summer.

"The group's listing proceeds will be used for the construction of additional vessels so that we can tap further on the growth demand from the East Asian market.

"Additionally, the proceeds will be used to enhance our shipbuilding capacity and facilities, both in Sarawak and in the Middle East," Ling Chiong Sing, the firm's ceo, said in a statement here Monday.

The company started in 1983 with shipping activities and now has shipyards located in Sarawak and in the Middle East, with a total land area of 494 acres.

"Our company now currently owns 245 vessels and cover a large operating network consisting of local and international routes," Ling said.  [04/05/10]