Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Pacific Basin readies war chest with new shares

Pacific Basin readies war chest with new shares

Hong Kong: Hong Kong handy operator Pacific Basin Shipping managed to raise HK$761.7 million ($98 million) from the sale of new shares yesterday in what is viewed as a war chest to buy up cheap ships during the downturn.

The Hong Kong-listed company offered 174.7 million shares, or 10% of its outstanding share capital, which was the maximum it could sell under a mandate obtained at its recently held annual general meeting, according to Finance Asia. UBS handled the deal rather than Pacific Basin's normal arranger, Goldman Sachs. [13/05/09]