Golden Ocean Group Limited (GOGL) shares plunged 6.76% in pre-market trading on Wednesday. This steep decline comes in the wake of an announcement that Hemen Holding Limited, a major shareholder, has agreed to sell its entire 40.8% stake in Golden Ocean to CMB.TECH.
According to reports, CMB.TECH entered into a share purchase agreement with Hemen Holding Limited to acquire 81,363,730 shares in Golden Ocean, representing about 40.8% of the company's outstanding shares. The deal is priced at $14.49 per share and is not expected to trigger a mandatory takeover bid.
CMB.TECH has reportedly identified a bank syndicate to refinance all or parts of Golden Ocean's current outstanding debt, indicating potential changes in the company's capital structure and ownership dynamics following the transaction.
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