Hafnia has raised $300 million in new capital, increasing its stake in the Danish tanker company Torm to 19.85%. This investment is aimed at strengthening the balance sheet and financing purchases made from Torm.
Details of the New Investment
Hafnia has offered 35.49 million new shares at a price of 80 Norwegian kroner (NOK) per share, equivalent to $300 million. The price of this offering is about 8% lower than Hafnia's closing price of 86.95 Norwegian kroner the day before the sale began. This capital increase is intended to strengthen Hafnia's balance sheet and finance debts related to previous purchases.
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Previous Purchases and Stake Increase
This new investment comes as Hafnia has recently agreed to purchase an additional 1.7 million shares from Torm at a price of $34 per share. This transaction, worth $57.8 million, will increase Hafnia's stake in Torm to 19.85%. This is the second time in less than a week that Hafnia has made a significant purchase from Torm. Last week, Hafnia agreed to buy 4.5 million shares at a price of $32.25, bringing the total purchases of the company to over 18%.
In total, Hafnia has spent nearly $514 million on three announced purchases to increase its stake in Torm. The company has emphasized in its initial statements that it is seeking value enhancement through strategic opportunities between the two tanker groups, although negotiations for a merger have not yet begun.
Implications and Future
The gradual increase of Hafnia's stake in Torm continues as Njord gradually reduces its stake. The settlement related to the new share offering is expected to take place on September 28. These developments in the tanker market demonstrate Hafnia's strength in attracting capital and expanding its influence in the industry.
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