Maersk’s holding company has reduced its ownership stake in the Norwegian automobile carrier firm, Höegh Autoliners, through the sale of shares valued at approximately $115 million.
The Danish shipping and logistics conglomerate divested around 16.9m shares, equivalent to roughly 8.86% of Höegh, at a rate of 73 Norwegian kroner (NOK) per share, totalling NOK1.23 billion.
Announced on Friday, the development led to a surge in the roll-on roll-off (ro-ro’s) stock price, which reached NOK79.3 before closing at NOK78.4.
This morning (September 11), trading commenced at NOK77.65.
Maersk still retains its position as the second-largest shareholder in Höegh, holding 20 million shares valued at approximately NOK1.56bn, or $146m, at current market rates.
This represents a 10.48% stake in the company's share capital and voting rights.
Höegh counts Norway's Leif Höegh & Co as its largest shareholder, with over 50% ownership.
AP Moller – Maersk first became a shareholder in the ro-ro company in 2008 when Höegh acquired 12 of its car carriers.
Presently, Höegh operates a fleet of approximately 40 vessels, consisting of both owned and long-term charter ships, with cargo capacities ranging from 2 300 to 8 500 CEU (Car Equivalent Units).
In March, Maersk had divested around 13.5m shares in Höegh, fetching nearly $80m at a rate of NOK61 per share. – SOURCE: Splash 247
