UK-based shipowner Petredec has cashed out of rival Avance Gas after building up a stake of 17.29% this year.

Oslo-listed Avance said its second-biggest shareholder had accepted John Fredriksen's takeover offer at NOK 43 for its 13.4m shares, making the holding worth NOK 576m ($67m).

The price is a fraction below the closing level in Oslo on Monday of NOK 43.04, but Petredec has made a tidy profit on its investment, on which it never commented.

The VLGC owner bought into Avance when the shares were NOK 32 each in March, taking a 5% holding before quickly building this to 10% by the end of the month.

It is not clear when it added to its position.

Fredriksen's private Hemen Holding now has 38.9% and his public tanker company Frontline has 0.57%.

His $255m takeover offer was announced in August and closes on Tuesday.

Avance controls a modern fleet of 13 VLGCs.

Rivals fought off

The shipowner also has an orderbook of six dual-fuel newbuildings scheduled for delivery between the end of 2021 and 2023.

Taking full control of the outfit would mark the culmination of Fredriksen's moves to tighten his grip on the shipowner and fight off potential suitors.

Singapore's BW LPG used to be a significant shareholder but does not now appear on the list of companies holding more than 0.54%, while Dorian LPG owns 0.97%.

Avance also said it had sold the 83,700-cbm VLGC Iris Glory (built 2008) in a leaseback deal to a Japanese finance house.

The price of $41.65m will generate net cash proceeds of $16.6m, the company added.