John Fredriksen forked out NOK64.1m ($8.05m) yesterday to acquire 3 million Advance Gas shares via Hemen Holding, lifting his stake to 19.14% in the gas ship owner.
Fredriksen now holds 11,910,251 shares via Hemen and an additional 442,384 shares via Frontline. Avance Gas shares have been trading between NOK20 and NOK24 for most of the last year, with Fredriksen making his move at NOK 21.3791 per share yesterday.
Avance Gas owns a fleet of 14 VLGCs, and in 2015 moved to consolidate by offering to acquire Aurora LPG. The offer was rejected by management, who went on to do a deal with BW LPG.