Hong Kong: Raw materials logistics giant Noble Group and Taiwan's bulk shipping firm U-Ming Marine Transport have confirmed they will be cornerstone investors for the forthcoming IPO of Hong Kong's Wah Kwong Maritime Transport Holdings. The Chao family controlled Wah Kwong is looking to raise between US$125 million to $164 million from its retrun to the Hong Kong stock exchange. U-Ming and Noble will likely bag 10% of the offering. U-Ming jointly owns a number of ships with Wah Kwong.
Wah Kwong currently has a fleet of 11 dry-bulk ships and tankers, of which three are wholly-owned and six are held through 50-50 joint ventures. The company also has another 11 dry-bulk vessels on order that will start to come on stream early next year and will increase its combined deadweight tonnage by 52% from the current 1.8 million dwt. [26/5/08]
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