Pacific Shipping Trust plans new offering

Singapore: Pacific Shipping Trust, Singapore's first publicly listed ship investment vehicle which raised US$150m in a May 2006 IPO, plans to raise a further US$92m by a preferential offer of three new shares for every existing four. The new funds will be used to purchase four more vessels. The initial sum raised was used to buy eight vessels from PIL, which were then leased back to the company on 8-10 year bareboat charters.  [11/08/08]