The father and son heads of the Caravel Group – Harry and Angad Banga – have joined the board at dry bulk major Pacific Basin having built up a stake in the listed company of more than 20%.
Stanley Ryan, chairman of the Pacific Basin board, said, “Following constructive engagement with Caravel, we are pleased to announce our agreement that brings two accomplished shipping and commodity industry leaders and representatives of our largest shareholder to our board.”
“Our combined experience across shipping and global markets will support the board as it continues to strengthen Pacific Basin’s strategic position in the global dry bulk market and create long term value,” said Angad Banga, Caravel’s CEO.
In connection with the appointments, Pacific Basin has entered into a shareholder agreement with Caravel to ensure the shipping company remains independent. Caravel has also agreed to certain ownership restrictions and standstill provisions.
