2007

First Ship Lease Trust Gets Ready For Shipping Trust Listing In Singapore

It has been more than 9 months since Singapore’s first shipping trust, Pacific Shipping Trust (PST), made its debut on the Singapore Stock Exchange and we are delighted to see another shipping trust aspirant joining PST soon. First Ship Lease Trust (FSLT), having just filed its preliminary IPO prospectus with authority earlier this week, is offering 220,000,000 million shares at a yet to be confirmed price with First Ship Lease (FSL) as the sponsor. The assumed offer price of USD 0.96 per share is used in the prospectus.

FSL is a Singapore-based non-tax driven leasing service provider exclusively for the international maritime industry and upon completion of this offering PSLT will acquire 13 Special Purpose Companies (SPCs) from FSL. Each SPC will own one vessel subject to a long-term bareboat charter. In the initial portfolio, the SPCs will own four containerships, four product tankers, three chemical tankers and two dry bulk carriers. Penta Investment Advisers, Ltd, DWS Investment GmbH and AIG Global Investment Corporation (Singapore) Ltd are the cornerstone investors and have entered into a subscription agreement with the Trustee-Manager to subscribe for an aggregate of 120,000,000 Units at the Offering Price.

This is only an excerpt of Equity – 02/22/2007

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