• Most Popular
  • Most Shared

Maritime Capital bins $300 mln Singapore IPO plan

Wed Jul 2, 2008 9:27pm EDT

Stocks

   

SINGAPORE, July 3 (Reuters) - Maritime Capital Shipping said on Thursday it has withdrawn plans to raise $300 million in an initial public offering in Singapore, as investors have become increasingly reluctant to put new funds into the stock market.

The Hong Kong-based shipping firm, which transports dry bulk commodities, had planned to sell existing and new shares to boost its fleet to 30 by 2009 from 18, according to its prospectus. UBS (UBSN.VX) was the lead manager for the deal.

Maritime was looking to sell its shares at an indicative price range of S$1.24 to S$1.46 a share or 7 to 7.8 times 2008 earnings, a banking source told Reuters on June 18. (Reporting by Saeed Azhar; Editing by Jan Dahinten)



More from Reuters

Photo

Plot exposes fissure in U.S. intelligence community

WASHINGTON (Reuters) - Last week's failed plot to bomb a U.S. passenger jet has exposed lingering fissures within the U.S. intelligence community, which had information from interviews and clandestine intercepts but did not put the pieces together, officials said.

» More Top News
Traders work in the pits at the The New York Mercantile Exchange, November 7, 2007. REUTERS/Brendan McDermid

Calling the market

A spectacular credit bust, two devastating stock market crashes ... the smart call this decade was to play it safe.  Full Article 

Global Markets
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary