Norway’s Wilh. Wilhelmsen Holding has moved to take full management of its majority-owned funding car Treasure, which holds a significant stake in South Korean shipowner Hyundai Glovis.
Wilhelmsen, which controls 77.96% of the Oslo-listed Treasure, is providing NOK20 per share it doesn’t personal, valuing the corporate at about NOK4.1bn ($378m).
The Seoul-based diversified proprietor is finest recognized for its automobile provider fleet because the logistics unit of Hyundai Motor Group, however it additionally has tankers, bulk carriers and newbuilds within the fuel delivery phase set to enter the market subsequent yr. Treasure owns 11% of Glovis shares price effectively over $500m.
Wilhelmsen stated it might think about delisting Treasure from the Oslo Inventory Alternate if, following completion of the supply, its shareholding reaches round 90%.
Arctic Securities is performing as monetary advisor to Treasure and receiving agent for the supply, which stands till July 5. Nordea funds, which even have possession pursuits in Wilhelmsen, are the second largest shareholders in Treasure with a mixed stake of some 9%, with Folketrygdfondet in third place with 3.72%.
