VLGC player Petredec has sold its entire holding in Avance Gas for around $67.4m. The second largest owner of Avance Gas, with a 17.3% stake, has offloaded close to 13.4m shares in the John Fredriksen-controlled firm at NOK43 ($5.03) per share.
Fredriksen’s Hemen Holding launched a mandatory offer last month to acquire all shares in Avance Gas. Hemen on Monday added close to 15.1m Avance shares taking the tycoon’s stake to 60.3% including Frontline’s share in which he controls approximately 40%.
The Oslo-listed Norwegian shipowner currently has a fleet of 13 very large gas carriers (VLGCs) on the water and six dual-fuel VLGC newbuildings on order. Fredriksen’s offer expires on October 14 this year. After Petredec, the third largest shareholder in Avance is Goldman Sachs with 2.16%, followed by Nordet Bank and Citibank with 2.11% and 1.66% respectively.