This noteworthy development saw Maersk offload approximately 16.9 million shares, equivalent to roughly 8.86% of Höegh Autoliners’ stake. The shares were sold at a price of NOK73 per share, amounting to a total transaction value of NOK1.23 billion. The market reacted swiftly to this news, with Höegh Autoliners’ stock surging to NOK79.3 and closing at NOK78.4 on the same day. When trading commenced on Monday, the stock opened at NOK77.65.
Despite this significant divestment, Maersk retains its position as the second-largest shareholder in Höegh Autoliners. They currently hold 20 million shares, valued at approximately NOK1.56 billion ($146 million) as of today. This represents 10.48% of the company’s total share capital and voting rights.
Höegh Autoliners, which made its debut on the Oslo stock exchange in 2021, counts Norway’s Leif Höegh & Co as its largest shareholder, with a stake exceeding 50%. Maersk initially became a shareholder in Höegh Autoliners back in 2008 following the latter’s acquisition of 12 of Maersk’s car carriers. As of today, Höegh Autoliners operates a diverse fleet comprising about 40 owned and long-term chartered vessels, boasting capacities ranging from 2,300 to 8,500 car equivalent units (ceu).
This latest sale follows a previous divestment by Maersk earlier this year, in March, when the company offloaded approximately 13.5 million shares in Höegh Autoliners for nearly $80 million. The shares were sold at a price of NOK61 per share.
The decision by Maersk to reduce its stake in Höegh Autoliners underlines the company’s evolving strategic priorities and its commitment to optimizing its investment portfolio. As the global shipping and logistics landscape continues to evolve, these developments will be closely watched by industry insiders and investors alike.
Sources: Maersk, Slpash247