Pacific Basin enters into a ship contract to acquire a secondhand Handymax vessel
On 24 January 2014, an indirect wholly-owned subsidiary of the Pacific Basin entered into a ship contract to acquire a secondhand Handymax vessel, V1, at a consideration of US$22 million, the company said in its press release. The acquisition of V1 is not discloseable under the Listing Rules on a stand-alone basis. However, due to aggregation with certain previous acquisitions of vessels by the Group within the past 12 months from sellers with the same ultimate beneficial owner, all these acquisitions constitute discloseable transactions under the Listing Rules and are therefore subject to this announcement. The acquisitions are not inter-conditional and the principal terms thereof are set out below.