Torm (TRMD) has released an update.
TORM plc, a leading carrier of refined oil products, has announced a share capital increase with the issuance of 335,285 new shares following the acquisition and delivery of one of eight second-hand MR vessels. The capital boost, executed without pre-emption rights for current shareholders, aims to settle a $12.6 million loan note related to the vessel’s delivery, with a lock-up period of 40 days for the newly issued shares. This expansion comes as part of a strategic growth initiative, enhancing TORM’s fleet and shareholder value.
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