Malaysian owner HUBLine wants to boost its dry bulk business with a new stock sale.

It is looking to raise MYR 23.02m ($5.64m) through a private placement of up to 230m shares.

This represents up to 10% of its capital.

It has decided to raise additional funds to further reduce debt and expand dry-bulk operations.

HUBLine has already issued redeemable convertible notes for MYR 80m.