Norway’s EGD Shipping Invest has sold off a big chunk of its shares in Klaveness Combination Carriers (KCC) but remains committed to the Oslo-listed company.
A filing by KCC revealed the investment company sold 2.36m shares on Friday at NOK 102 each in a transaction worth NOK 241m ($23m).
This slice represents 3.9% of the combination carrier company.
But EGD retains 3.5m shares worth NOK 365m, or a 5.79% stake.
Principal Espen Galtung Dosvig said it was time to take some profit but added that his company remained committed to a long-term investment in KCC.
“We still have more money on the KCC table than when we started our play,” he told TradeWinds.
The stock has risen from NOK 80 a year ago
ABG Sundal Collier acted as sole bookrunner.
In September, EGD increased its KCC holding for a bargain price.
The company and KCC parent Torvald Klaveness exercised warrants dating from 2018.
Previous share sale in March 2023
A total of 215,068 of these were converted into the same amount of shares at NOK 23.40 each, meaning a total outlay of NOK 5m.
This was when KCC was trading at NOK 66.20.
Parent Klaveness had a holding of 53.82%, up from 53.75% previously.
EGD became the second-largest KCC shareholder with 9.69%.
In March 2023, EGD had cashed a batch of shares in the shipowner, cutting its stake from 16.81%.
The Norwegian investment company completed a sale of 3m shares through a private placement.
The price was not given, but the stock was trading at NOK 78 in Oslo at the time, meaning EGD banked a potential NOK 234m from the deal.
The share was NOK 47.50 five years ago.
EGD first invested in the KCC fleet in 2016 by taking a 50% stake in the 80,200-dwt Baffin (built 2016) and Ballard (built 2017).
In 2018, it invested $20m in KCC itself by taking 44% of a $45m private placement.
The company is represented on the KCC board by EGD head of shipping Magne Ovreas.
Espen Galtung Dosvig owns parent EGD Holding with 100% of the shares.
