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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Paragon Offshore to File for Bankruptcy

Paragon Offshore Plc said it will file for Chapter 11 bankruptcy on or before Feb. 14, becoming the first U.S. energy-related company to seek court protection from

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0823 sec (12 req/sec)