The biggest investor in MPC Container Ships (MPCC) has offloaded a large slice of its holding in a NOK 808m ($93.1m) deal.
Oslo-listed MPCC said in a filing on Thursday that Star Capital Partnership had sold 27.5m shares or 6.19% of the company.
Clarksons Platou Securities, DNB Markets and Fearnley Securities managed the transaction.
Star Capital will retain a 9.98% holding but is no longer the biggest shareholder.
This is now Germany’s CSI Beteiligungsgesellschaft, led by managing partner Axel Schroeder, who is also a board member of MPCC and managing partner of parent MPC Capital.
CSI revealed on Thursday that it has bought 2.75m MPCC shares at an average price of NOK 25, giving it 15.83% of the company.
The deals come a week after Goldman Sachs said it had amassed a significant stake on behalf of other investors.
In a filing, the US investment banking giant said funds under its control had crossed the 5% threshold for disclosure, reaching 5.08%, or 22.54m shares.
It is not yet clear who is buying the stock in this case, or the rest of the Star Capital shares.
Star Capital became a cornerstone investor in MPCC in 2017. The share price was NOK 36 in June that year but has fallen to NOK 29.40.
The London-based private equity fund is represented on the MPCC board by partner and head of portfolio management Laura Carballo Beautell and managing partner Paul Gough.
Further listing?
Star believes MPCC may list on another international stock exchange in the future.
The fund has been contacted for comment.
Goldman Sachs did not previously appear in the top 10 MPCC shareholders with stakes above 1.58%.
Norwegian shipowner Arne Blystad has a stake of 4%.
Last September, Blystad’s Songa Capital reportedly reduced its holding after acquiring a 6.5% stake in June 2021 when his Songa Container sold its 11 boxships to MPCC for $210.5m in cash and stock.
MPCC has just notched up the best year and quarter in its history.
Net profit rose to $127.9m in the fourth quarter of last year, up from $46.5m in the previous three months.
Revenues jumped $24m to $142.5m thanks to the strength of the small boxship charter market.
