Share Harvest halted

Hong Kong-listed Great Harvest Maeta Group has scrapped a second bond sale because it has enough money already.

The Chinese bulker owner said directors had decided not to go ahead with a sale of convertible notes to Ablaze Rich, controlled by Great Harvest’s executive directors and major shareholders Yan Kim Po and Lam Kwan.

It added: “The group had obtained bank financing and had sufficient internal resources for financing the recent acquisition of vessels by the group and for the general working capital of the group.”

Kim and Lam did not vote in the board decision.

The first completed bond sale was worth $3m and the second was to be worth $5m.

The notes were convertible into shares that would have seen Ablaze own 75.79% of the enlarged issued share capital.