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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Rolls-Royce to Sell Michell Bearing Business

Rolls-Royce has today confirmed its intention to sell its Michell Bearings business to British Engines Limited for a cash consideration of £12.6m. Subject to licence consents,

Euronav Warns Against Speeding up Tankers

Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This

D'Amico Orders Two 'Eco' LR1 Product Tankers

D'Amico International Shipping has ordered two new long range one product tankers, to be built by Vietnam’s Vinashin Shipyard Co for about $44m each.   The tankers

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Salvage Ship Electronics Ship Repair Ship Simulators Winch
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: 0.1169 sec (9 req/sec)