Ocean Tankers to Raise $13m from IPO

Friday, October 13, 2006
Ocean Tankers Holdings PCL aims to raise about $13.38m from the initial public offering (IPO) that starts in the first such issue of a new company to list on the Cyprus Stock Exchange in two years. The company, presently privately owned by the Michael Ioannides Group and its affiliates, has a fleet of three double-hull tankers under the Cypriot and Maltese flags and the proceeds of the issue, that will reduce the principal shareholder’s stake to just below 70%, will help the company buy three or even four more ships.

Ocean Tankers has applied to list in the Maritime Sector of the stock market and will take advantage of the merging of the Cyprus exchange with the Athens Stock Exchange in a unified trading platform within the next month or so in order to attract new investors. After the issue, that closes on October 26, the company’s market value is expected to be $44.45m for $80.82m shares. CISCO have been appointed the IPO advisors and Moore Stephens have just been hired as the new auditors from the beginning of October. Source: xpress

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

EU Backs Nantes St-Nazaire and Vigo Transport Link

The EU's TEN-T Program will back the upgrade of the existing sea line between Nantes St-Nazaire, France and Vigo, Spain with over €3.5 million to ensure reliable

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1139 sec (9 req/sec)