Yang Ming to be Privatized

The state owned Taiwanese line Yang Ming Marine Corp. is heading for privatization and a stockmarket quotation. Unless there is a major collapse of share prices on the Taipei exchange, the company plans to make an initial offering to the public of 200m shares, and a further issue of 300m over the next three years. This will reduce the state shareholding to less than 50%.

There are no details on how much Yang Ming expects to raise from the issue, but the proceeds will be used to finance the construction of 11 container ships. The newbuilding program, originally planned last year, was shelved because of high newbuilding prices and the Gulf crisis.

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