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Pacific Basin to raise $275m via additional share offering

Hong Kong: Bulk shipping firm Pacific Basin Shipping said it would sell up to HK$2.14 billion (US$275 million) worth of new shares to fund expansion initiatives.
The bulk shipping firm said it would sell up to 158.6 million shares, representing 9.1 percent of its enlarged share capital, to third party investors at HK$13.52 each, or a 7 percent discount to the closing price of HK$14.54 on Thursday.
Pacific Basin said it had capital commitments of US$550 million to acquire 8 handysize, 1 handymax, 1 post-panamax, 7 tugs and 4 Roll-on Roll-off vessels. [9/5/08]