John Fredriksen's family office bought 1 million shares in Oslo-listed Avance Gas Holdings as part of a recent secondary share offering, according to Avance. Fredriksen entities now control over 10% in the VLGC owner.
Hemen Holding purchased the shares Monday at NOK 17.97 ($2.10) per share. Shares in the company are down 82% for the year amid the ongoing rout in LPG freight rates.
Hemen now holds 6.4 million shares in Avance, representing 9.9% of the company. In addition, Fredriksen's Frontline holds 442,000 shares, bringing the aggregate stake in the company to 10.62%.
Fredriksen, along with Stolt-Nielsen Gas and Sungas Holding, backed a secondary share offering by Avance Gas as part of a move to ease its debt burden. The offering originally targeted $55m, but it was oversubscribed and another $5m was added on.
