AP Moller-Maersk has nearly halved its stake in Hoegh Autoliners in a deal worth more than NOK 1bn ($93.7m).
According to a stock exchange filing, the Danish container shipping giant sold 16.9m shares in the Oslo-listed car carrier owner on Friday for NOK 73 each and a total value of NOK 1.23bn.
Hoegh Autoliners — the world’s third largest car carrier owner — said the bloc represents 8.9% of its entire share capital.
Maersk still owns 20m shares in the company, good for approximately 10.5%.
It remains the Norwegian shipowner’s second-largest shareholder, behind Leif Hoegh & Co’s 79.3m holding, good for 41.5% of the company.
Luxembourg-based securities depository outfit Clearstream Banking owns the third-most shares with 4.8m.
Maersk took its stake in Hoegh Autoliners in 2008 after the company acquired 12 of its car carriers.
Hoegh Autoliners shares began rising late last year and kept the momentum into the new year on the back of a strong car carrier market. It hit multi-year highs on Friday, reaching NOK 79.40 shortly after trading opened.
Car carrier strength
Shares started the year at NOK 66.10 and never fell below the NOK 54.70 mark.
ABG Sundal Collier acted as the advisor on the transaction.
The news followed Hoegh Autoliners’ monthly market update, which saw the company continue performing in line with prior months with 1.3m cbm of cargo transported in July.
Recent strength in the carrier market helped Hoegh Autoliners post a $133m profit for the second quarter and issue a $0.35-per-share dividend.
The $67m total returned to shareholders represented roughly 50% of its net adjusted profit, at the high end of its policy of paying back between 30% and 50% of adjusted profit.
In late trading on Friday, Hoegh Autoliners shares dipped NOK 1.45 from the open, slumping to NOK 76.25.
