Avance Gas share sale raises $81m for Sungas and Stolt-Nielsen

Avance Gas share sale raises $81m for Sungas and Stolt-Nielsen

Athens: Stolt-Nielsen Gas and Sungas have both halved their interests in Avance Gas through a sale of 5m of their shares in the company, which raised NOK 610m ($80.9m) in total. Each share was priced at NOK 122 ($16.19).

The sale follows yesterday’s announcement that the two companies were thinking of reducing their interests in the Oslo-listed gas carrier company by way of an accelerated bookbuild share offering.

Stolt-Nielsen Gas has sold or agreed to sell 2,500,000 of its common shares in Avance Gas, reducing Stolt’s stake in the company to 7.0%.

Sungas sold or agreed to sell the same number of shares, which has similarly reduced its Avance stake to 7.0%.

Christian Andersen, founder of Avance Gas, told Maritime CEO this month that the company is keen to grow through a merger or acquisition, but has not found the right candidate to date.

Fredericksen-led Frontline 2012 also holds a 20% stake in Avance Gas.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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