Singapore-based Pacific Carriers Ltd (PCL) has offered to place out up to RM862.52 million (S$357.3 million) in new shares in its unit to Malaysian Bulk Carriers (Maybulk), according to a report in The StarBiz.
PCL owns 34.46 per cent of Maybulk. Maybulk had cash and cash equivalents of RM1.16 billion as at June 30 this year. Maybulk said to Bursa Malaysia yesterday that it received an invitation from PCL to take up a private placement of new shares in PCL's unit PACC Offshore Services Holdings Pte Ltd (POSH).
'The proposed investment will take the form of a private placement of new POSH shares to Maybulk valued at between US$150 million and US$250 million, subject to the terms and conditions of the offer,' it said.