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Stolt-Nielsen and Sungas divesting shares in gas giant

Stolt-Nielsen and Sungas are now putting upwards of five million shares, corresponding to a 14.2 percent stake, up for sale in the gas venture Avance Gas, says the company in a corporate statement.

Photo: Avance Gas

Stolt-Nielsen Gas, a subsidiary of Norwegian shipping group Stolt-Nielsen, along with another partner, Sungas Holdings, plans to divest part of the carriers' stakes in gas collaboration Avance Gas, according to a statement issued to the Oslo Stock Exchange, which informs that the two parties "are exploring the opportunity to sell up to 5.0 million common shares" in Avance Gas. The two companies own Avance Gas together with Frontline 2012.

Stolt-Nielsen and Sungas Holdings currently own 4,978,799 shares each in Avance Gas, corresponding to around 14.1 percent. If all the offered shares are sold, both carriers will have reduced their stakes in the gas carrier by around seven percent. Sungas Holdings and Stolt-Nielsen both reserve the right to sell less shares or none at all through the offering, according to the statement.

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