GRM Investments becomes major Scorpio Bulkers shareholder

GRM Investments Ltd, part of Canadian property developer Onni Group, has acquired an 8.65% stake in Scorpio Bulkers (SALT) to become one of the NYSE-listed company’s biggest shareholders.

The investor has bought 2,482,583 shares, according to a US SEC filing. The price at which the shares were acquired was not disclosed, but the tranche is worth around $8.39m at Monday’s closing price of $3.38 per share.

Other recent reported investments point to GRM’s interest in the dry bulk business. Earlier this month, GRM bought a 1.65% stake in Canada’s Capstone Mining Corp, which is listed on the Toronto Stock Exchange.