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Singapore's Pacific Shipping plans $92.3m rights issue

Sun Aug 10, 2008 11:25pm EDT

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SINGAPORE, Aug 11 (Reuters) - Singapore's Pacific Shipping Trust (PFST.SI) plans to raise up to $92.3 million via a rights issue to help fund the purchase of four vessels, the trust said on Monday.

Pacific Shipping Trust plans to sell 252.8 million new units by issuing three new units for every four existing units. The new units are priced at $0.365 each, marginally below the last traded price of $0.375.

The proceeds will be used to finance and refinance its acquisitions of four new vessels, working capital requirements and other corporate purposes.

UBS (UBSN.VX) is managing the deal. (Reporting by Charmian Kok; Editing by Kevin Lim)



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