John Fredriksen has raised his stake in a company that isn't directly related to the maritime world but specialises in one of its core issues: debt.
Geveran Trading, which is indirectly controlled by Fredriksen family trusts, has bought an additional NOK 15.6m ($1.8m) stake in Axactor, a multinational debt buyer.
The company acquired 840,000 shares in Axactor on the Oslo Stock Exchange on Wednesday for NOK 18.5355 per share, according to an exchange filing.
The acquisition has raised Geveran's stake in the debt buyer to 40,230,233 shares or 25.89%.
Geveran could raise its shareholding in Axactor to 34.3% if it chooses to exercise the 13 million exchangeable warrants it holds by 24 October.
The subscription price for the warrants is set at NOK 32.50 per share.
Family fortunes
The past two years have seen Geveran broaden its focus and reduce its stakes in shipping-related ventures.
In May last year, Geveran sold its 50% stake in Oslo-based shipbroker Arctic Shipping, which was set up at the end of 2015 as a joint venture with Arctic Securities.
The following month saw the Fredriksen company commit to supporting a capital increase of up to $67m in digital real estate and infrastructure venture, Bulk Infrastructure.
Bulk Infrastructure's projects in the Nordic countries comprise development of industrial real estate, data centers and dark fiber networks.
Geveran also holds a 44.6% ownership in Flex LNG, having reduced its stake in the the Fredriksen-controlled gas giant by around 5% in October.
