UK shipbroker Braemar Shipping Services has sold its last shares in technical consultancy spin-off AqualisBraemar LOC.
The London-listed company said the disposal of the 10.4% stake has allowed it to cut net debt by £7.3m ($10.3m), which is the value the shares fetched.
The broker made a profit of £3.9m on the deal, five months after selling the other 10.4% it owned in the Oslo-listed company, which was sold to Norwegian rival Aqualis in 2019.
The price for the stock in January was £6m.
The remaining 9.64m shares were sold at NOK 9 ($1.10) each, which is the same price as the close on Wednesday.
The cash will be used to "increase the resources available to the group to pursue its new growth strategy centred on shipbroking", Braemar said.
Debt falling fast
Net bank debt was about £10m on 28 February. The figure was £19.3m as of 31 August.
Braemar does still retain an interest in 6.5m AqualisBraemar warrants, however. Of these, 1m will vest shortly.
Braemar chief executive James Gundy said the company was pleased to have completed the sale of its remaining shares on the back of "strong recent trading" in AqualisBraemar.
He emphasised again the company's focus on core operations since he took the top job in January.
Gundy added: "The sale also helps to continue to reduce the group’s net debt and strengthen our balance sheet, positioning the group well for future growth."
The businesses sold to Aqualis represented three of Braemar's four technical services divisions.
The fourth, gas consultancy WaveSpec, was sold to its management team in April for £2.635m.
