The management of Pacific Basin Shipping, which posted strong interim results on Monday, yesterday sold 4.2 per cent of the company's share capital to tap the market for $207.4 million. According to placing agent Macquarie Securities, 10 to 15 members of Pacific Basin's management sold 53.2 million shares at $3.90 each to a wide range of buyers. The placing price represents a 5.45 per cent discount to the closing price of $4.125 yesterday. The share placement followed Pacific Basin's high-flying half-year result. The carrier's interim earnings almost doubled to US$85.5 million, helped by strong demand for bulk shipping services, new accounting standards and vessel disposals. Pacific Basin's share price soared 7.14 per cent to a record high yesterday on turnover of $204.97 million - the 14th most actively traded stock of the day. Macquarie said the book closed in a few minutes and most demand came from Asia. Market sources said the placement was at least 20 times oversubscribed. After the share placement, chairman Chris Buttery, chief executive Mark Harris, managing director Paul Over and one non-executive director will still own more than 10 per cent of the company. Meanwhile, market sources said Riche Multi-Media Holdings planned to sell 590 million shares at 34 cents each through a top-up share placement to raise $200.6 million. The placing price represents a 6.84 per cent discount to the closing price of 36.5 cents yesterday and the funds raised will be used for investing in relevant business and working capital. Share trading of the company will be suspended today and is set to resume tomorrow. Goldbond Securities is the placing agent. Share trading of CASH Financial Services Group was suspended in the afternoon trading session yesterday, pending a share placement announcement. Shares of the company rocketed 72.4 per cent to 50 cents before the suspension.