Yang Ming asset sale, selling US$47 million dry containers to Textainer
Sources of information: Qingdao Jinhan International Logistics
Date Time: 2013-12-26
TAIWAN's Yang Ming plans to recoup working capital by selling an unspecified number of dry containers for TW$ 1.4 billion (US$47.2 million) to Textainer in a leaseback deal more assets, reports Lloyd's List.
According to a stock exchange filing, the Taipei-listed carrier's board has approved a proposal to sell the containers and make TW$986.4 million from the transaction.
"The deal is to build working capital and make use of the company's assets more efficiently," the filing said.
Yang Ming has been disposing of its assets this year to build cash reserves to make up for net losses of TW$4.3 billion for January-September period, doubling its year-on-year losses of TW$2.1 billion.
