pacific-basin-raises-98-million-from-new-share-sale

Pacific Basin raises $98 million from new share sale

The dry-bulk shipping company prices the deal at the mid-point for a 5.2% discount.

Dry-bulk shipping firm Pacific Basin Shipping last night raised HK$761.7 million $98 million from the sale of new shares in an attempt to replenish its coffers for any potential distressed assets -- essentially ships -- that may become available as other companies struggle to cut costs or fail to meet their debt payments.

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. The deal was also quite small in terms of trading volumes, representing just under seven trading days based on activity in the past three months. The offer price...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222