Torm’s controlling shareholder, Oaktree Capital Management, has launched another sale of its stock to capitalise on the tanker owner’s strong performance.
A US filing shows the private equity player has listed 2.8m shares for sale, representing 3% of the Danish product carrier specialist.
The filing said the slice is worth $89m and can be sold within the next 90 days.
Torm’s share price has risen 350% over the past five years.
Oaktree tried to sell 5m shares in March but pulled this deal after investors reacted badly, sending the stock down 13% in New York.
The private equity company said at the time it had assessed that “current market conditions” were not conducive to a transaction.
Oaktree, co-led by Howard Marks, had a holding of 63.4% in Torm in June, according to a previous filing.
Earlier in November, Torm chief executive Jacob Meldgaard cashed in his shares in strong tanker markets but still has a “significant interest” in the company’s performance, TradeWinds was told.
He sold 510,610 A-shares in Torm for a total of about DKK 110m ($16.1m) between 10 and 14 November.
A spokesman explained that, given the total of more than 84m Torm shares outstanding, it was not a “significant percentage holding”.
But Meldgaard has more shares pending in the form of 810,401 restricted stock units.
The stock was down 2.46% at DKK 213.80 in Copenhagen on Tuesday morning.
The market cap stands at DKK 18.5bn.
