Yang Ming announces the completion of rights offering
Yang Ming Marine Transport Corp. (YM) announces that it has completed the rights offering by issuing 500 million new shares at premium of NTD$12 per share, and accumulated total amount of NTD 6 billion.
The company began to float new shares in the public sector in September 2017. Besides the original shareholders, it was open to ordinary investors, including insurance institutions, and container stevedoring and transport companies etc. Their strong response indicates private enterprises are optimistic over the future market. After this rights offering, the shareholding ratio of Government shareholders of Yang Ming, including MOTC, NDFEY and TIPC, will reach 38.23%. In addition, the private placement of capital increase which has been passed in 2016 shareholders’ meeting is also on going steadily and is expected to be completed by the end of this year.
The improvement of business management and warming-up of market have boosted investors’ confidence, Yang Ming says.
With the support from shareholders and the improved financial structure after the rights offering, the company vows to continue the strategy of opening new sources of revenue and reducing expenditures. It will work out various plans to make the performance of its fleet more effective and expand its service network throughout the world. At the same time, it will, in keeping with the government’s New Southbound policy to find more partners to jointly develop investment projects in the realm of logistics striving toward the goal of making Yang Ming a still better marine transport company of the world.