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Pacific Basin Shipping says to sell $97 mln shares

Tue May 12, 2009 9:04pm EDT

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HONG KONG, May 13 (Reuters) - Pacific Basin Shipping (2343.HK) on Wednesday said it would sell HK$761 million (US$97.6 million) worth of new shares at a discount to third party investors, raising capital to fund purchases of assets, mainly dry bulk vessels and companies.

The dry bulk shipping service provider said it would sell 174.73 million new shares, or 9.1 percent of its enlarged share capital, at HK$4.36 each. The placing price represented a 5.2 percent discount to the closing price of HK$4.60 on Tuesday.

"We expect the difficult shipping market to present opportunities to the company and are therefore expanding our capital with a view to purchasing assets - mainly dry bulk vessels or companies - at attractive prices at the right time," the company said.

For statement please click here (US$1=HK$7.8) (Reporting by Donny Kwok; editing by Chris Lewis)



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