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Troubled Yang Ming says trading stops while it seeks recapitalisation
TAIWAN's troubled Yang Ming Transport Corp in a customer advisory said it suspended trading on the Taiwan Stock Exchange from April 20 to May 3 to work on a recapitalisation plan.
As it stands, the company said its recapitalisation plan involves an "infusion of new capital" from "various private and public investors".
"During the pause, Yang Ming's outstanding issued shares will be reduced to 1.4 million shares, with a new share value to be twice the share price prior to April 19," said the customer advisory.
The company said this was only one step in effecting financial recovery for the shipping line ranked the ninth biggest in Alphaliner listings.
"Other components include measures to improve the company's operational efficiency and reduce costs," the company said. "Greater emphasis is being placed on increasing the proportion of higher-revenue cargoes."
Yang Ming also told customers of recent improvements in the shipping sector, along with increased cargo volumes, have helped Yang Ming minimise its business loss for the fourth quarter to NTD1.8 billion (US$62 million), which is a sharp reduction in the previous quarter," said the company,
As it stands, the company said its recapitalisation plan involves an "infusion of new capital" from "various private and public investors".
"During the pause, Yang Ming's outstanding issued shares will be reduced to 1.4 million shares, with a new share value to be twice the share price prior to April 19," said the customer advisory.
The company said this was only one step in effecting financial recovery for the shipping line ranked the ninth biggest in Alphaliner listings.
"Other components include measures to improve the company's operational efficiency and reduce costs," the company said. "Greater emphasis is being placed on increasing the proportion of higher-revenue cargoes."
Yang Ming also told customers of recent improvements in the shipping sector, along with increased cargo volumes, have helped Yang Ming minimise its business loss for the fourth quarter to NTD1.8 billion (US$62 million), which is a sharp reduction in the previous quarter," said the company,
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