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Thoresen Thai shareholders approve $128m fundraising

Thoresen Thai shareholders approve $128m fundraising
Shareholders in Thoresen Thai Agencies (TTA) have approved a capital increase and rights offering which aims to raise THB4.17bn ($126.8m) to help fund expansion of its dry bulk fleet.

TTA is looking to raise the funds towards investment in expansion of its dry bulk shipping and oil and gas businesses. In particular the company is eyeing investment in secondhand bulkers. “There is little doubt that a strong opportunity remains to expand our dry bulk shipping fleet, and as the selling price of second hand vessels continues to gradually increase, we have a small but workable window within which to make these opportunistic investments,” said Chalermchai Mahagitsiri, TTA's president and ceo.

The plan received 90% support from shareholders who attended TTA’s annual general meeting last week.

All existing shareholders are entitled to subscribe to three rights shares for every 10 shares they already own in TTA at a price of THB14 per share.

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