Abu Dhabi: Etihad Shipping and Navigation Company, a new pan-Gulf maritime transportation company based in Bahrain, is seeking 120 million Bahraini dinars (Dh1.17 billion) in private placement as its promoters seek to benefit from an economic boom in the region.
Etihad Shipping on Monday announced the private placement of 1.2 billion shares with a nominal value of 0.100 dinar each for potential investors to become shareholders.
The placement price is 0.054 dinar per share, which is 50 per cent of the nominal value and the subscription fee has to be paid on the day of subscription by investors. The closing date for applications to subscribe to shares offered is January 31.
The company will start operations by April with a fleet of six or seven bulk carriers and two tankers. It aims to increase the fleet size to 45 vessels by 2015 to transport petroleum products and commodities such as steel, iron, coal, grains and sugar.
The founding committee comprises five investors from Bahrain, the UAE, Saudi Arabia and Pakistan. They have committed to subscribe to 15 per cent of the paid-up capital of the company. |
