HK's Pacific Basin to sell $156 mln new shares

Pacific Basin Shipping Ltd. said it planned to sell HK$1.22 billion (US$156.4 million) worth of new shares to third party investors, raising capital to fund its investment in handysize and handymax vessels, as Reuters reports. The shipping firm said in a statement it planned to sell 257 million shares, representing 16.5 percent of the enlarged share capital, at HK$4.75 each, or a 5 percent discount to the closing price of HK$5 on Monday. (US$1=HK$7.8)