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Euronav shares slide after majority shareholder divests

A former majority shareholder has sold off his shares to save money for other shipping investments, sending the Euronav share into a sharp dive.

Euronav shares have dived sharply after the former major shareholder Peter G. Livanos, Chairman of the Board of Euronav, sold out of a large portion of his shareholding. Since Wednesday, the price of a share has dropped from USD 1.9 to USD 1.8 on Friday morning, reports Euronav in a press release.  

Euronav received notification of Livanos' sale, which crossed below the five percent threshold necessary to publicly list a company on the stock exchange. After selling 9, 000, 000 shares, Livanos now has 3, 922, 684 shares remaining, corresponding to 2.46 percent of Euronav's total shares.

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