Thumbs down for Thoresen’s cash-raising plans


Bangkok: Thoresen Thai Agencies’ plan to fund a raft of new ships via $323m in new shares has been torn up as shareholders Friday vetoed the cash-raising exercise. A new meeting to discuss alternatives has been penciled in for January 30.
CEO Chandchutha Chandratat said: "It is important to highlight that the company remains healthy, with a good balance sheet, and the ability to ride out the dry bulk shipping industry’s prolonged downturn.
"We still believe that the current environment offers a compelling case for investment in dry bulk shipping and oil and gas services, and will now begin a process of evaluating how and if such investments can be structured while still garnering attractive returns.”  [17/12/12]

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