Hong Kong: Bulk and tanker shipping company Wah Kwong Shipping Holdings has kicked off pre-marketing for its $200m Hong Kong initial public offering today, Reuters quoted sources close to the deal as saying.
The company, which was established in 1952 by Chao Tsong-yea, had been listed in Hong Kong in 1973, but after a period of share price weakness, was delisted and taken private in 2000.
Wah Kwong Shipping has 12 vessels, comprising handymax, panamax and capesize bulkers and Very Large Crude Carriers (VLCC), with an average fleet age of less than three years. It also plans to order 19 newbuildings. [6/5/08]
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