Shares in Malaysian-based Star Cruises fell in Hong Kong and Singapore yesterday amid rumours that the company is planing to raise US$100 million through a share placement.
In Hong Kong, the stock fell 5.26 per cent to close at HK$3.60, while in Singapore it ended 6.18 per cent lower at 45.5 US cents.
A source said brokerage DBS Vickers Securities was taking measures to test investors' appetites for the cruise operator's proposed placement.
Star Cruises said yesterday it had yet to file any application with the exchanges for the placement but declined to comment further.
'I am not surprised about the news because in recent months the company has been doing a lot of marketing for the shares. It seems to be trying to pave the way for fund-raising,' an investment banker said.
The company is believed to be seeking funding for the planned purchase of two new ships - estimated to cost between US$320 million and $350 million each - for its China expansion.
