Taiwanese container shipping company Yang Ming Marine Transport Corporation (Yang Ming) is looking to raise some TWD 1.69 billion (USD 54.8 million) in an effort to strengthen its finances under the recovery plan outlined earlier in 2017.
The company plans to raise the funds by offering 161.3 million new shares at TWD 10.48 per share to The National Development Fund of the Taiwan Government (NDF), Taiwan Navigation Co., Taiwan Chinachem, T3ex Global Holdings, Mercuries Life Insurance and Superstar Investment.
Established by the Taiwan government, the NDF will hold a 6.39% stake in Yang Ming after the first round of issuance. The total shares of government-owned Yang Ming stock, including the holdings of the Ministry of Transport and Communications, will increase to 36.62% after the completion of this first round, according to the company.
The company’s financial recovery plan is expected to result in a greater percentage of government-owned and controlled interest in Yang Ming.
In a separate announcement the container carrier said that it will upgrade its Taiwan–Philippines Express (TPE) service by deploying a 2,800 TEU containership on the route starting from February 21, 2017. The TPE service covers Kaohsiung (Taiwan), Manila North Port and Manila South Port (the Philippines) with a round voyage of 7 days.
Additionally, Yang Ming will launch a new direct service from South China to the Philippines (PH2) through slot exchange cooperation with Orient Overseas Container Line Limited (OOCL).
The port rotation of the PH2 service is Shekou–Hong Kong–Manila North Port–Manila South Port–Shekou, with a round voyage of seven days.