Kuang Ming Shipping Plans IPO

Yang Ming Marine Transport has appointed KGI Securities to look into the listing of its dry bulk subsidiary Kuang Ming Marine Transport (“Kuang Ming”) by mid 2011. The major Taiwanese operator has restructured its dry bulk assets into its 100% owned subsidiary since last October in preparation for an eventual listing on the Taiwan Stock Exchange.

Kuang Ming was established in 1990 initially for ship agency and freight forwarding businesses but was subsequently reorganised to become Yang Ming’s dry bulk subsidiary. It currently operates a fleet of 10 Panamax bulkers and will be adding 12 Capesize and Panamax vessels by 2013. In the first three quarters of 2009, the subsidiary registered TWD 2.9 billion (USD 90.9 million) and is expecting an after tax profit of TWD 1.2 billion (USD 37 million) this year. These figures are in sharp contrast to the nine month net deficit of TWD 10.7 billion (USD 328.9 million) losses posted by its parent, Yang Ming.

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