PVTrans to issue shares to fund Aframax purchase

Hanoi: Petrovietnam's shipping subsidiary PVTrans has announced that it plans to raise $47m to part-fund the purchase of three 50,000dwt Aframax tankers by issuing 76m new shares. According to Reuters, the unlisted firm said that shareholders would be entitled to purchase one new share at 10,000 dong ($0.62) for each existing share they owned. The vessels, to be built by Vinashin, will boost PVTrans' fleet to five Aframax vessels. The company aims to operate a fleet of 40 tankers by 2015. [21/09/07]

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