wah-kwong-float-attracts-two-cornerstones

Wah Kwong float attracts two cornerstones

The Hong Kong ship owner aims to raise up to $164 million to fund an aggressive expansion of its dry-bulk fleet.

Anette Jönsson

May 23, 2008

Small-scale ship owner Wah Kwong Maritime Transport Holdings is aiming to raise between HK$972.5 million and HK$1.28 billion $125 million to $164 million from its initial public offering and has attracted two cornerstone investors to the deal, sources said yesterday.

The final investment amount has yet to be determined, but Hong Kong-based commodities trading firm Noble Group and Taiwanese bulk shipping firm U-Ming Marine Transport Corporation have both agreed to support the IPO and are expected to take up around 10% of the total offering. U-Ming already has a relationship with Hong Kong-based Wah Kwong in that it is a joint owner of some of Wah KwongÆs dry-bulk vessels. Noble and U-Ming will...

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