Wednesday, June 23, 2010

Shin Yang sees 21m shares done off-market

KUALA LUMPUR: Shin Yang Shipping Corp Bhd, which made its debut on Wednesday, June 23 on the Main Market, saw 21 million shares done off market.

Stock market data showed the shares were crossed at RM1.102 each at 11.50am.

At 12.30pm, the shares rose one sen to RM1.11 with 37 million units done. It opened at RM1.09 with 11.82 million shares done. Its offer price was RM1.10.

Its market capitalisation based on the IPO reference price was RM1.32 billion.

Its group managing director Ling Chiong Sing said at the listing ceremony that the share price performance reflected support and confidence of institutional and retail investors in the company's performance and business model.

'With our listing today, we look forward to capitalise on growth opportunities in the market to expand our business,' he said.

The proceeds raised from the IPO will be used mainly to part finance the CONSTRUCTION [] of additional vessels so Shin Yang Shipping Corp can tap further on the growth demand from the Far East and East Asian markets.

The proceeds will also be used to enhance their shipbuilding capacity and facilities, both in Sarawak and in the Middle East.

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