Oslo: Oslo-listed Saga Tankers is to merge with private equity investment company Strata Marine & Offshore as a way to get around listing regulations. Both firms belong to Øystein Stray Spetalen, one of Norway’s most successful investors.
A couple of months ago Spetalen and Saga Tankers were warned that the shipping line could be delisted from the Oslo Børs as its shareholding structure did not meet the exchange’s required structure limits with Spetalen holding more than 90% of the line.
By merging with Strata and Saga Tankers Spetalen’s holding in the merged entity drops to 77%.
Saga Tankers will hold an extraordinary general meeting at the end of March.
