Star Reefers

Oslo-listed shipping group Star Reefers has revealed that it is aiming to raise NOK105.1m (€12.5m) by selling 875,681 new shares at a price of NOK120 (€14) each to larger shareholders.

Net proceeds from the from the sale will be used to secure working capital needs for future growth and for general corporate purposes, Trading Markets reported.

Star Reefers' main owner, Siem Industries, will subscribe for at least its pro rate shareholding of 71.6 per cent, the report said.

The transaction is expected to take place during February 2010.