Siu Fai Ng, chairman of Jinhui Shipping and Transportation, has purchased 6,947 shares in the Hong Kong-based bulker owner.
Ng spent around NOK 63,600 ($7,463) in the transaction, in which shares were purchased at an average price of NOK 9.16 each, an Oslo Stock Exchange filing said.
The acquisition raises Mr Ng’s shareholding to 4,788,620 shares, equivalent to around 4.3% of all the company’s outstanding share capital.
Separately, he holds indirect stakes in the shipping company through his majority shareholding in Jinhui Holdings, of which he is also chairman, and in Fairline Consultants.
Both companies are majority shareholders in Jinhui Shipping.
At the time of writing, Jinhui Shipping’s shares were trading at a price of NOK 9.49 each.
In early 2017, the Oslo-listed company axed bonus payments for top management following 2016, the worst year in dry bulk history.
The move came in reaction to ire from investors caused by the absence of dividends.
In the second quarter 2018, Jinhui Shipping declared an interim dividend of $0.023 per share, the first since the dividend was suspended in the fourth quarter of 2008.
