Yang Ming to raise $54m through new share issue

Yang Ming to raise $54m through new share issue

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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