3rd Apr 2014 12:06
LONDON (Alliance News) - Goldenport Holdings Inc Thursday said it has agreed the sale of a container vessel and is proposing a placing to finance an acquisition of seven modern dry bulk carriers.
The shipping company said it has agreed the sale of its 1995 built container vessel MSC Socotra to an unaffiliated third party for a cash consideration of USD11.3 million.
The company said it expects to book a profit of USD3 million on the sale and said the vessel's delivery to the new owners has been scheduled to take place by the end of April.
Goldenport also announced that at its general meeting in May, it will propose a placing in the company of up to 10 million new shares in order to finance the acquisition of seven modern dry bulk carriers from the Dragnis family.
The company said it plans, as part of its strategy to rebalance its fleet in favour of small-to-medium sized dry bulk carriers, to buy two second hand vessels and five Handysize Green Dolphin newbuildings to be delivered in May 2015 and February 2016.
The Greek Dragnis Family, which is interested in multiple shipping operations and is linked to Goldenport through its Chief Executive John Dragnis, has agreed to anchor the proposed equity capital raising with at least USD25 million.
The company also said that the Dragnis family has agreed to enter a non-compete agreement, whereby it will not own any dry bulk carrier, other than through the company, for a period of five years.
The Dragnis Family, through Captain Paris Dragnis, the former Chief Executive and Founder of Goldenport, owns 58.14% of the company.
Goldenport shares were down 2.0% to 42.62 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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