Yang Ming prices 500m shares offer to raise $170m

As part of the shipowner’s recapitalisation move, Yang Ming announced in July the plan to issue an additional 500m shares at a price to be determined.

The Taipei-listed company confirmed to the stock exchange that the additional shares will be priced at TWD10 each to potentially raise up to TWD5bn.

Yang Ming detailed that 80% of the shares offer will be available for subscription by existing shareholders, 10% for employees and another 10% for the public.

Yang Ming said the funds raised will go towards repayment bank borrowings and strengthening its balance sheet.