Hemen Holding Limited Transfers Major Stake to CMB.TECH
Hemen Holding Limited Transfers Major Stake to CMB.TECH
Hemen Holding Limited has made a strategic move by entering into an agreement to sell a substantial portion of its shares in Golden Ocean Group Limited, known as Golden Ocean, to CMB.TECH. This transaction involves the sale of 81,363,730 shares, which represents approximately 40.8% of Golden Ocean's outstanding shares and voting rights. The total consideration for this transaction amounts to about USD 1,179 million.
Implications of the Transaction
This significant sale will not trigger any mandatory takeover bids in various jurisdictions, ensuring regulatory compliance. Specifically, the transaction is exempt from registration under the U.S. Securities Act of 1933. This aspect demonstrates the strategic planning and foresight executed by Hemen in orchestrating this transaction.
Growth and Evolution of Golden Ocean
Christakis Theodoulou from Hemen noted the historical significance and transformative journey of Golden Ocean since its separation from Frontline in 2004. The company began with just three vessels and has expanded impressively to a fleet of 91 modern dry bulk vessels through strategic acquisitions and operational enhancements.
Under the leadership of Hemen, Golden Ocean has successfully returned substantial value to its shareholders. To date, the company has distributed nearly USD 2 billion in dividends since its inception, showcasing its robust operational performance and commitment to stakeholder value.
Acknowledging Future Collaborations
Hemen expresses satisfaction in seeing CMB.TECH, a well-established entity in the dry bulk shipping industry, recognize the strength and intrinsic value of Golden Ocean's platform. This sale underlines the growing partnerships in the shipping industry, positioning both companies for future successes.
Looking Ahead
The transaction is structured without conditions attached, with completion anticipated shortly. DNB Markets has provided financial advisory services to Hemen during this transaction, while Advokatfirmaet Schjødt AS has served as the legal advisor. This collaboration emphasizes Hemen’s commitment to ensuring a smooth transition and compliance with legal standards.
Key Contacts for Further Information
For media inquiries regarding this transaction, Bjørn Richard Johansen serves as a strategic adviser and press contact. He can be reached via mobile. Additionally, Mathias Fløtaker is available as a press contact, providing another resource for those seeking more detailed information.
Frequently Asked Questions
What is the value of Hemen's shares sold in Golden Ocean?
The total value of the shares sold by Hemen to CMB.TECH amounts to approximately USD 1,179 million.
What percentage of Golden Ocean shares does Hemen hold after the sale?
After this transaction, Hemen will no longer hold shares in Golden Ocean, as all 40.8% of its outstanding shares have been sold.
Who acted as financial advisers for Hemen during this agreement?
DNB Markets, part of DNB Bank ASA, acted as the financial advisor for Hemen in this transaction.
What does this sale mean for Golden Ocean's future?
The sale signals confidence in Golden Ocean's viability and growth potential, as CMB.TECH steps in as the new major stakeholder.
How can I contact representatives for more information?
Bjørn Richard Johansen and Mathias Fløtaker are available for media inquiries, providing insight and information about the transaction.
About The Author
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