Scorpio Services Holding (SSH) has returned to buy a third tranche of shares in its NYSE-listed affiliate Scorpio Bulkers (SALT) in the space of a month.
The 500,000 shares were acquired in the open market at an average price of $1.71 per share or $585,000 in total, raising SSH’s stake in SALT from 5.4% to 5.5%.
SALT currently has 336,081,930 common shares outstanding, of which SSH owns 18,644,129, the company said today.
On August 7, SSH bought a tranche of 500,000 shares in SALT at an average price of $1.78 per share, and on July 31 purchased 1,050,000 shares for $1.88 per share on average.
SSH technically and commercially manages the Scorpio fleet through its subsidiaries.
At the time of writing, SALT’s stock is trading at $1.65 per share.