And a Pleasant Surprise in Malaysia

While the Singapore Exchange suffers a major setback, Bursa Malaysia is all ready to welcome the listing of one of the country’s leading shipbuilders, Shin Yang Shipping. The Sarawak based shipbuilder and owner has plans to list in Malaysia by the third quarter of this year. It hopes to sell 178.38 million new shares with AmInvestment Bank as the appointed advisor. Proceeds from the IPO will be used to acquire three anchor handling tugs and four cargo ships while the remaining funds will be used to expand its shipyards.

In addition to boasting a strong fleet of 238 vessels that comprises mainly tugboats, barges and small oil tankers, Shin Yang is also a leading shipbuilder in Malaysia, and has constructed over 103 vessels over the past five years. It is currently constructing a ship repairing yard in the United Arab Emirates as parts of its plans to grow into a major regional shipping company in Asia.

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