Denmark-based TORM plans to raise approximately US$100 million of new share capital through a fully underwritten discounted rights issue. The rights issue is expected to be launched in the second half of 2011.
Beltest Shipping Company, Menfield Navigation Company and Dampskibsselskabet TORMs Understøttelsesfond, which together represent 58.5 percent of the share capital, have indicated that they intend to subscribe for their proportionate shares of the offering upon completion of the above.
"TORM is pleased to strengthen the company's financial position with the planned rights issue and that the three largest shareholders have expressed their support to TORM and the Company's strategy," said CEO Jacob Meldgaard.
{WISroYQ symbol='TORM.CO'}
