Avance Gas founder Stolt-Nielsen Gas (SNG) has sold all its shares in the company for $25.9m.
The deal, carried out during the fourth quarter but revealed on Thursday, has netted the Norwegian company a profit of $10.8m, parent Stolt-Nielsen said.
"The holding in Avance no longer made sense for our long-term strategy," a spokeswoman for the group told TradeWinds.
"Also we were able to realise the investment at a good profit."
The company had 8.3% in Avance before selling.
SNG is an investment arm of the parent, and retains holdings in Avenir LNG and Golar LNG.
Sungas also selling down
The sale follows a sell-down in Avance by Sungas Holding, one of its long-standing shareholders, earlier this month.
TradeWinds reported it was unclear whether Norwegian shipping tycoon John Fredriksen, who has been growing his stake, had purchased any of the shares.
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.
After Avance was set up 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 sales come after Frediksen tightened his grip on Avance.
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 earlier 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.
SNG reported an operating loss of $1.1m in the fourth quarter, essentially unchanged from the third quarter.
The loss was mainly attributable to costs related to the continued development of various small-scale LNG projects.
