Samudera Shipping Line (SGX:S56) increased its investments in two subsidiaries by increasing the total share capital of each, according to a filing with the Singapore Exchange on Wednesday.
Samudera Ships Investment issued and allotted 46,370,000 shares at $1.0 for a total consideration of $46.4 million to the company. The cash injection was done from part of the intercompany loan amount payable to Samudera Shipping Line.
Meanwhile, 14,557,560 shares were issued and allotted at SG$1.0 per share by Ocean Ships Investment to the company for a total consideration of SG$14.6 million that was also satisfied in full by capitalizing $10.9 million from part of the intercompany loan amount payable to the company.
Shares of the shipping company were up nearly 2% in recent trading.
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