Malaysian shipping company Hubline said Monday it will pay $31.2 million for the remaining 49.77 percent stake in dry bulk carrier operator Highline Shipping that it does not already own, Forbes reported.
In a stock exchange filing in Kuala Lumpur, the company said it has entered into a conditional agreement with a separate holding company for the proposed acquisition. Highline owns a fleet of 17 vessels and another six vessels are under construction.