Yang Ming outlines recapitalisation plan

Taiwan’s container line Yang Ming Marine Transport Corp unveiled that it has instituted a recapitalisation plan which will result in a larger percentage of government owned and controlled interest, beyond the current approximate 33.3% held by the ministry of transportation and communications.

“Additionally, it was announced at the meeting that Yang Ming would receive injection of fresh capital from new investors,” Yang Ming stated. “The first stage of this injection of capital will be from various government and private entities, including banks and financial institutions. Yang Ming will issue new stock to these investors, and with the new capital Yang Ming expects immediate benefits to its balance sheets. ”

“Yang Ming will continue to take a conservative approach in its actions, but Yang Ming is fully aware of and prepared to exercise on its option to draw on the $1.9bn in government-backed funding should circumstances in the market arise requiring for such assistance.” The container line further assured customers and vendors that the company is not in default of any obligations and “any suggestions otherwise are patently false.”

(Seatrade Maritime)