Taiwanese shipping firm Yang Ming has announced a plan to issue 500m new shares to raise NTD5bn ($164m) as part of its recapitalisation plan.
The existing shareholders of the company will acquire 80% of the new shares and the remaining 20% will be offered to the public.
Yang Ming said the proceeds from the offering will be used to repay bank loans and optimise the company’s financial structure.
This is the second share offering by Yang Ming this year following the company’s $54m share offering plan announced in February.
In late January, Yang Ming, facing much speculation about its future, released a recapitalisation plan, which included a stock consolidation as well as the injection of fresh capital from investors. The company said it expects “immediate benefits to its balance sheets” from the plan.