Ambra Plans 3.75m Share Issue

In the largest fund raising move in its short history, Norwegian shipping company A/S Ambra is planning to launch an IPO worth Kr187.5m ($27.6m). The proposed issue of up to 3.75m new shares at Kr50 is being arranged by Fearnley Finans, and will increase the equity by 50%.

The proceeds may be used to finance the purchase of two new tankers, though no specific ships have been named. According to a Fearnley spokesman, the company may reopen negotiations on the purchase of the Skaugen VLCC Jarabella. The acquisition of the 270,000 dwt vessel, which was built in 1975, was provisionally agreed at around $25m, but the deal fell through.

Ambra finance director Torbjorn Pedersen stressed that no decision had been reached on when the IPO would be launched. “It remains an option to enable us to make a quick response to investment opportunities. But it may also be used for cash purposes. Under the terms of the investment plan, we may raise up to 3.75m new shares.”

This is only an excerpt of Ambra Plans 3.75m Share Issue

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.