Miri-based shipping firm slated for Main Market listing before Q3

  • Business
  • Tuesday, 04 May 2010

KUALA LUMPUR: Miri-based shipping company Shin Yang Shipping Corp Bhd has received the Securities Commission’s approval to list on the Main Market of Bursa Malaysia before the third quarter.

Shin Yang said the listing proceeds would be used for the construction of additional vessels to enable the group to tap further on the growth demands from the East Asian market.

“The proceeds will be used to enhance shipbuilding capacity and facilities, both in Sarawak and in the Middle East,” the company said in a statement yesterday.

Chief executive director Ling Chiong Sing said the group was among the very few shipping operators in Malaysia with the capability to construct vessels as well as conduct repair and maintenance services.

Shin Yang currently owns 245 vessels. It has a large shipping network that covers countries in the Middle East and Asia.

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