Courage Investment proposes capital reorganisation, eyes bulker acquisitions
Hong Kong-listed Taiwanese owner Courage Investment has proposed a capital reorganisation by way of capital reduction, share premium account reduction and share subdivision.
Upon the capital reorganisation becoming effective, the company proposes to raise about $9.15m through the open offer of 548.8m shares.
The company believes that the proceeds can provide immediate liquidity to the company, allowing it to promptly secure suitable vessel acquisition opportunities.
According to Courage, it has been seeking investment opportunities to increase the carrying capacity of its dry bulk fleet through the acquisition of additional vessels. It is now identifying the opportunities to acquire a secondhand 57,000 dwt supramax dry bulk carrier.
Currently Courage Investment owns a fleet of three supramax vessels with total capacity of approximately 171,000 dwt. It reported a profit of $1.11m for its marine transportation operations for the first half of this year, though the group recorded an overall loss of $1.3m.