KDM intends to finalize private placement by the end of June

KDM Shipping’s (KDM PW) EGM voted to approve a capital increase through the issuance of an additional 2.7 mln shares (a 37% increase) in a private placement deal, the company reported on May 22. The secondary offering will be conducted in two stages. In the first stage, Konstantin Molodkovets (owning 69.9% interest in the company, as of now) will sell 2 mln of his shares to qualified investors to facilitate the deal. The second stage foresees the issuance of 2.7 mln shares, 2 mln of which will be bought back by Molodkovets, with the rest being offered to investors. KDM Shipping expects to finalize the deal by the end of June.