Singapore-listed Courage Marine Group has ditched plans for a Hong Kong initial public offering (IPO) due to the weak market conditions, Seatrade-Asia reports. “In view of recent developments affecting market sentiments and conditions, the directors are of the view that proceeding with the stock exchange of Hong Kong listing... may not be beneficial to the company and its shareholders if, at the time of the intended launch of the... IPO, then prevailing market sentiments and conditions continue to be unfavourable to the company,” it said in a statement.
Courage had in January floated plans for a $40m listing in Hong Kong as it attempts to boost its profile in China. The company currently has a diversified fleet comprising four handysize vessels, four panamax size vessels and one cape size vessel, which represents a total of over 576,000 dwt in capacity.
Courage had in January floated plans for a $40m listing in Hong Kong as it attempts to boost its profile in China. The company currently has a diversified fleet comprising four handysize vessels, four panamax size vessels and one cape size vessel, which represents a total of over 576,000 dwt in capacity.