Pacific Basin readies war chest with new shares

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Hong Kong: Hong Kong handy operator Pacific Basin Shipping managed to raise HK$761.7 million ($98 million) from the sale of new shares yesterday in what is viewed as a war chest to buy up cheap ships during the downturn.
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, according to Finance Asia. UBS handled the deal rather than Pacific Basin’s normal arranger, Goldman Sachs. [13/05/09]