Yang Ming to Float 500 mln Shares
The Taiwanese ocean carrier Yang Ming Marine Transport will make a public offering of 500 million shares as part of the company's ongoing recapitalization plan, the Taiwanese ocean carrier said in a statement .
It will offer the shares to existing shareholders, Yang Ming employees and the general public as part of the company's ongoing recapitalization plan.
"As the subsequent round of private offering continues with amounts pledged exceeding the first round, the Board of Directors of Yang Ming on July 14, 2017 has approved a resolution allowing for the public offering of an additional 500 million shares of company stock. Under this plan, the existing Yang Ming shareholders, Yang Ming employees, and the general public will have an opportunity to purchase company stock at a price to be determined," said the statement from the company.
This public offering is made largely in response to the interests shown by current shareholders to invest in Yang Ming.
In the meantime, the most recent performance indicators continue to show Yang Ming on a steady path of recovery. Revenues in June 2017 yielded US$ 385 million (NT $11.6 billion), up 22.86% compared with the same period last year.
More broadly, Yang Ming's cumulative revenue for the 1st half of 2017 totaled US$ 2.07 billion (NT$ 63.5 billion), an increase of 15.65% year-over-year. Recent higher freight rates and increased volumes (+10% growth in the 1st half 2017 year-over-year) are contributing to greater revenues.
Based on the company's recent results and the overall performance and trend in the industry, Yang Ming remains optimistic in our forecast for 2017. Yang Ming is gracious for your continued support and is committed to provide you with quality and dependable service.
