Caravel Group has emerged as the single largest shareholder in Pacific Basin Shipping Limited, an investment holding company principally engaged in the provision of dry bulk shipping services internationally.
“The Caravel Group Ltd. confirms that in recent weeks, we have made a series of on-market purchases of shares in Pacific Basin Shipping Limited, and as of close of business on 23 June 2025, our shareholding in the company is 817,528,401 shares, representing approximately 16.00% of the total issued share capital of the company as at the date of this press release. Accordingly, we have become the single largest shareholder of the company,” Caravel said in a voluntary announcement to Asia’s stock exchange group HKEX on June 26.
“Caravel’s increased shareholding underscores our confidence in the company’s management team, its disciplined approach to fleet management, strong balance sheet, and commercial performance. We remain confident that there is enduring demand for a well-managed dry bulk shipping fleet globally,” it said.
“Caravel aims to support Pacific Basin’s continued growth and creation of sustainable shareholder value over the long term as a committed, strategic shareholder,” it added.
But it noted that while it may continue to make further purchases of shares, it had no intention to make an offer for the shares in the company or increase its shareholding to the level that would require a mandatory general offer under rule 26 of the takeovers code.
“Whilst we may continue to make further purchases of Shares, we have no intention to make an offer (as defined in the Hong Kong Code on Takeovers and Mergers (the Takeovers Code) for the shares in the company, or to increase our shareholding to the extent that we would trigger the obligations to make a mandatory general offer under rule 26 of the Takeovers Code,” Caravel Group stressed.
Source: HKEX
