The controlling d’Amico family has offloaded a slice of Milan-listed tanker company d’Amico International Shipping (DIS) to boost share liquidity.
The company said in a statement on behalf of family holding company d’Amico International that 6.2m shares, representing 5% of its share capital, went in an accelerated bookbuilding process to institutional investors.
The price was €6.50 per share, meaning proceeds of €40.3m ($43.8m).
The share was trading at €7.70, down 0.65%, on Thursday, with a market cap of €883m.
The holding company’s stake has been reduced to 60.65%, but it remains the controlling shareholder.
“D’Amico International remains committed to be the leading long-term shareholder in the company and is a strong believer in the product tanker market,” the statement read.
“The purpose of the placement from D’Amico International’s perspective is to enhance the trading liquidity in the company’s shares,” it added.
The seller has agreed to a lock-up commitment for the remaining shares for a period of six months.
DIS is listed on the Euronext STAR board in Milan.
The MR product carrier owner posted a healthy profit for the first quarter despite a drop in revenue.
Net earnings were $56.3m, up $2.2m compared with the corresponding quarter in 2023.
Total net revenue dipped to $105.3m, down $2m from the same period in the previous year.
DIS is chaired by Paolo d’Amico, the former chief executive, who was replaced by finance chief Carlos Balestra di Mottola in April.
