SITC international for the purchase of 4 container ships for 72.4 million

SITC International Holdings <1308>Co Ltd signed on 24 November a 72.4 million, or approximately HK $ 565 million purchase contract with Yangfan Group Co Ltd for four containerships, according to a statement made by the stock exchange of Hong Kong.

In accordance with the contract, the first ship will be delivered before 31 May 2012, and reaches the maximum capacity of each four ships 1100 20-foot equivalent units or TEU.

The buyer will pay four ships container hire purchase with funds raised by its former IPO. the company raised HK $ 3.11 billion IPO and debuted on the HKEx, on 6 October.

From the debut of SITC International on the HKEx, it has ordered seven container ships to a consideration of 129.7 million in total.

A Senior Executive said the company intends to increase the volume of vessel from 42 to 60 units current units within three years and even up to 80 units within five years.

SITC International is a shipping logistics company that provides logistics solutions and integrated transportation.

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