Maritime Capital Shipping Withdraws Proposed IPO

Thursday, July 03, 2008

Maritime Capital Shipping Limited has withdrawn its lodgment of its preliminary prospectus with the Monetary Authority of Singapore in connection with its proposed initial public offering and listing on the Main Board of the Singapore Exchange Securities Trading Limited.
The company has just completed its international roadshow with institutional investors but has decided not to proceed with the launch of its proposed initial public offering citing the significant deterioration in sentiment in the world’s equity markets over the past few days.  As a result, the Company does not believe that a stable market for its shares would be established in secondary market trading while such negative market sentiment prevails.

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