Hemen Holding Limited Finalizes Sale of Stake in Golden Ocean Group
Hemen Holding Limited Executes Major Share Sale
On March 4, 2025, Hemen Holding Limited, a prominent stakeholder in the shipping industry, announced a significant transaction involving the sale of 81,363,730 shares in Golden Ocean Group Limited. This deal, valued at approximately USD 1.179 billion, represents about 40.8% of the total outstanding shares and voting rights in the company. This strategic move marks a pivotal moment in the history of both Hemen and Golden Ocean, as the sale encompasses all shares previously held by Hemen in the company.
The transaction, which is not expected to trigger a mandatory takeover bid or similar offers in jurisdictions such as Bermuda, Norway, or the United States, has been exempted from registration under the U.S. Securities Act of 1933. This exemption reflects the unique nature of the deal, aimed at maintaining a stable investment environment.
According to Christakis Theodoulou, spokesperson for Hemen, the organization has significantly contributed to the development of Golden Ocean since its inception as a spin-off from Frontline back in 2004. Golden Ocean has made remarkable strides since its listing on the Oslo Stock Exchange, followed by its merger with Knightsbridge on NASDAQ. The company, through strategic acquisitions and investments in both new and secondhand vessels, has expanded its fleet from just 3 vessels to an impressive fleet of 91 modern drybulk vessels, rendering it one of the leading owners in this segment.
In total, Golden Ocean has returned about USD 2 billion to its shareholders in the form of dividends since its split from Frontline. This solid track record adds to the company's allure for potential investors and stakeholders, exemplifying its sound financial strategies and commitment to shareholder value.
The decision to sell its stake to CMB.TECH, an established firm in the drybulk shipping sector, signals Hemen's confidence in the strategic direction of Golden Ocean. The leadership at Hemen is pleased with this partnership, believing that CMB.TECH's recognition of the Golden Ocean platform's strength showcases a progressive vision for further collaboration.
The completion of the transaction is slated for March 12, 2025, and there are no conditions attached to the execution of this agreement, promising a seamless transfer of ownership. DNB Markets has served as the financial advisor for Hemen, while Advokatfirmaet Schjødt AS has provided legal counsel, ensuring that both parties can navigate the complexities of this significant business move effectively.
With this substantial transaction, Hemen Holding Limited reaffirms its strategic priorities and future outlook within the competitive drybulk shipping landscape. As the market evolves, stakeholders and observers alike will be keen to watch the impact of this sale and how it influences the dynamics of ownership and operations within Golden Ocean Group.
On March 4, 2025, Hemen Holding Limited, a prominent stakeholder in the shipping industry, announced a significant transaction involving the sale of 81,363,730 shares in Golden Ocean Group Limited. This deal, valued at approximately USD 1.179 billion, represents about 40.8% of the total outstanding shares and voting rights in the company. This strategic move marks a pivotal moment in the history of both Hemen and Golden Ocean, as the sale encompasses all shares previously held by Hemen in the company.
The transaction, which is not expected to trigger a mandatory takeover bid or similar offers in jurisdictions such as Bermuda, Norway, or the United States, has been exempted from registration under the U.S. Securities Act of 1933. This exemption reflects the unique nature of the deal, aimed at maintaining a stable investment environment.
According to Christakis Theodoulou, spokesperson for Hemen, the organization has significantly contributed to the development of Golden Ocean since its inception as a spin-off from Frontline back in 2004. Golden Ocean has made remarkable strides since its listing on the Oslo Stock Exchange, followed by its merger with Knightsbridge on NASDAQ. The company, through strategic acquisitions and investments in both new and secondhand vessels, has expanded its fleet from just 3 vessels to an impressive fleet of 91 modern drybulk vessels, rendering it one of the leading owners in this segment.
In total, Golden Ocean has returned about USD 2 billion to its shareholders in the form of dividends since its split from Frontline. This solid track record adds to the company's allure for potential investors and stakeholders, exemplifying its sound financial strategies and commitment to shareholder value.
The decision to sell its stake to CMB.TECH, an established firm in the drybulk shipping sector, signals Hemen's confidence in the strategic direction of Golden Ocean. The leadership at Hemen is pleased with this partnership, believing that CMB.TECH's recognition of the Golden Ocean platform's strength showcases a progressive vision for further collaboration.
The completion of the transaction is slated for March 12, 2025, and there are no conditions attached to the execution of this agreement, promising a seamless transfer of ownership. DNB Markets has served as the financial advisor for Hemen, while Advokatfirmaet Schjødt AS has provided legal counsel, ensuring that both parties can navigate the complexities of this significant business move effectively.
With this substantial transaction, Hemen Holding Limited reaffirms its strategic priorities and future outlook within the competitive drybulk shipping landscape. As the market evolves, stakeholders and observers alike will be keen to watch the impact of this sale and how it influences the dynamics of ownership and operations within Golden Ocean Group.
Topics Financial Services & Investing）
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