John Fredriksen continues to increase his stake in pure-play VLGC shipowner Avance Gas with the acquisition of a substantial number of shares yesterday.
Fredriksen’s Hemen Holding acquired 395,000 shares in Avance Gas at a price of NOK22.0267 ($2.34) per share, taking its total stake to 15,690,568 shares. The company now holds 24.316% of the shares in Avance.
With Fredriksen’s listed tanker owning company Frontline holding 442,384 shares, the two companies hold over 16.1m shares equalling a stake of just over 25%.
Avance Gas owns and operates a modern fleet of 13 VLGCs, and currently operates without a CEO.
In April, Fredriksen’s dry bulk arm Golden Ocean recruited Avance CEO Ulrik Andersen to lead the company as its new CEO, and earlier this month recruited Avance’s interim CEO Peder Simonsen as its new chief financial officer.