Sungas Holding, one of the long-standing shareholders in Avance Gas, has sold down more of its stake in the Oslo-listed VLGC owner.

But it is not yet clear whether Norwegian shipping tycoon John Fredriksen, who has been growing his stake, has purchased any of the shares.

This week Sungas, a company controlled by Saudi investor Nassar Al-Rashid, sold 2.48m shares. That represents 3.84% of the total shares in Avance.

Sungas, which is represented on the Avance Gas board by by Francois Sunier, now holds 4.65% of the company.

At today's price of NOK 52 on the Oslo Stock Exchange, the shares sold would be worth NOK 129m ($14.5m).

Avance Gas's shares have surged in value since January of last year, when they bottomed out at less than NOK 19 apiece.

Oslo-based Avance Gas was established by Stolt-Nielsen in 2007. Sungas was first to come in as an investor, followed by Fredriksen when he sold sold eight VLGC newbuildings to the company before it listed in Oslo.

However, Sungas and Stolt-Nielsen sold half of their shares in the company in 2015.

The latest sale of Sungas's shares comes after Frediksen has tightened his grip on Avance Gas.

The Norwegian shipping tycoon's Hemen Holding has been increasing his stake in Avance and now holds 19.5% of the stock. Fredriksen lieutenant Marius Hermansen became chairman in 2018.

Hermansen declined to say whether Hemen has purchased any of the shares that have now been sold by Sungas.

Avance has a fleet of 14 VLGCs. Last year it ordered two dual-fuel VLGC newbuildings at DSME set for delivery in 2021 and 2022.

Eric Martin contributed to this story