Singapore: Shares at Singamas Container Holdings were suspended Wednesday, a Reuters report said quoting the Hong Kong Stock Exchange.

Without giving any further details, the report added: “The shares were suspended pending an announcement about a proposed placement of existing shares”.

The company’s controlling shareholder Pacific International Lines (PIL) was planning to sell 300 million shares representing a 14.2 percent of the company’s share capital. The proposed share exercise is slated to raise US$47 million. The company is seeking to expand future businesses and the finances will be used for working capital.

The on-going global financial crisis has continued to batter container volumes and Singamas is no exception. The company has lost more than US$25 million in revenue in the first six months of 2009.

Jaya Prakash