Agritrade Resources sells shares to fund ship acquisitions

Hong Kong: Hong Kong-listed mine operator, Agritrade Resources, announced that the company is to purchase 12 vessels including six towage vessels and six barges from Agritrade International at a cost of $16m.

The company plans to issue 248m shares to raise the funds for the ships. After the deal, Agritrade International will exchange 162m convertible shares of the company plus 128m preferred shares. [17/02/14]

 

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