Taiwan’s Yang Ming Marine Transport has announced a plan to raise TWD1.68bn ($54m) through the issuing of 161.3m new shares to specific investors.
The new shares will be issued to the government-managed National Development Fund, Taiwan Navigation and a number of institutional investors.
The company said the raised funds will be used to replenish working capital.
In late January, Yang Ming released a recapitalisation plan which included a stock consolidation as well as the injection of fresh capital from unspecified new investors. The company said it expects “immediate benefits to its balance sheets” from the plan.
Yang Ming reported revenue of NTW31.45bn ($1.01bn) for the fourth quarter of 2016, up 8.49% year-on-year. The company said it is still facing operating challenges in the first quarter of 2017.