Hoegh Autoliners insiders have offloaded stock worth NOK 766m ($70m) in a speedy private placement.
Leif Hoegh & Co (LHC) sold 12.25m shares representing 6.4% of the Oslo-listed car carrier company in an accelerated book-building process that took five hours on Tuesday night.
The stock was priced at NOK 62.50, a sizeable discount to the NOK 72.70 closing price.
LHC is closely associated with chairman Leif Hoegh; deputy chairman Morten Hoegh; and another director, Martine Vice Holter, chief executive of Hoegh Capital. The company retains the largest stake in Hoegh Autoliners of 41.5%.
ABG Sundal Collier and SEB handled the sale.
No reason was given for the disposal, nor any indication of a buyer or buyers.
The company has been contacted for comment.
The shipowner has been enjoying big profits in record car carrier markets.
The share price has risen from NOK 21 five years ago.
Giant Danish shipowner AP Moller-Maersk sold off a chunk of its holding in Hoegh Autoliners in March.
A total of 13.47m shares were offloaded, equal to 7.1% of the car carrier company.
The $80m deal took place at NOK 61 per share.
Maersk had previously owned 26.4% of Hoegh Autoliners, which carried out an IPO in Oslo in 2021.
It retains 19.3%, on which there was a 90-day lock-up.