Concordia Maritime has moved to delist from Nasdaq Stockholm and its largest shareholder, Stena Sessan, has requested a compulsory buyout of the remaining shares it does not already own.
Stena Sessan made a cash bid of SEK9.80 ($0.94) per share to take full control of Concordia Maritime in December and currently owns more than 90% of the Gothenburg-based tanker owner.
Concordia said the last day of trading will be announced after the company has submitted the application and received a decision from Nasdaq, adding that an extraordinary general meeting should be held on February 22 to elect the new board of directors.
The Erik Lewenhaupt-led company was first listed on Nasdaq Stockholm in 1984. Concordia took advantage of the strong market to cash in on its older tankers and currently owns only one 2010-built products carrier, which is bareboat chartered to US Crowley Government Services, with extension options until 2030.
When someone does this, always ask yourself “why/”. What is Stena seeing that the rest of us are not? Because they are certainly no fools.