Banga Family's Caravel Builds Biggest Stake in Pacific Basin
Indian tycoon Harry Banga's Caravel Group has become the biggest shareholder in Pacific Basin Shipping Ltd, in a major bet on demand for transport of dry bulk commodities.
Caravel owned 672.7 million shares in Pacific Basin as of June 12, representing a just over 13% stake in the company, according to filings to the Hong Kong stock exchange. Caravel disclosed a 7.5% stake in late March, and since then it has steadily expanded its holding in Pacific Basin, which has a market capitalization of about $1.3 billion.
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