John Fredriksen’s Golden Ocean has returned to the market for its seventh share buyback transaction at the same time as DNB Asset Management has reduced its holding in the company.
Golden Ocean's latest move has seen it spend a further $2.7m acquiring 50,000 of its own shares.
The Oslo and US-listed bulk carrier owner subsequently holds a total of 570,000 shares, equivalent to 0.4% of the company’s outstanding share capital.
The shares were purchased on the Oslo Stock Exchange at an average price of NOK 53.63 ($6.29) per share.
The Birgitte Vartdal-led company commenced the share buyback programme on 20 December and has repurchased shares in seven separate transactions since then, all on the Oslo Stock Exchange.
The company has until 20 December 2019 to repurchase up to 5.43m shares remaining in the $54m repurchase plan.
Golden Ocean’s board has authorised the company to pay a maximum of $9 per share or the equivalent in NOK.
Separately, an exchange filing on Tuesday morning revealed funds managed by DNB Asset Management sold 55,350 shares in Golden Ocean on the Oslo Stock Exchange on Monday at an undisclosed price.
The transaction reduces the bank’s shareholding by 0.76% to a total of 7,199,495 shares.
After the close in Oslo on Tuesday, Golden Ocean shares were trading at NOK 53.35.
In New York, shares were trading on the NASDAQ at $6.33 at 11.00am.
