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MPC Capital has doubled its shareholding in box ship owner MPC Container Ships (MPCC), reports Singapore's Splash 247.
The Hamburg-based asset and investment manager said it had increased its stake in the Oslo-listed tonnage provider from seven per cent to 14 per cent.
The deal worth US$34 million was carried out by boosting shareholding in the joint investment vehicle MPC CSI, set up in 2017 by MPC Capital and its founder and largest shareholder MPC Munchmeyer Petersen & Co for the IPO of MPCC. Following the transaction, MPC CSI will own 17 per cent of MPCC's shares.
MPC Container Ships said in a stock exchange filing that board member Axel Schroeder and its associated company Elbrock had offloaded about 2.47 million shares, while its chairman Ulf Hollander let go of 165,637 shares at NOK13.64 (US$1.31) per share.
The company lists 62 ships in its fleet, and last year it generated revenues of $711 million and earnings per share of $0.73.
MPC Capital noted that it expects regular returns from the investment also in 2024 and subsequent years and has therefore increased its earnings forecast for this year to be slightly above $9.3 million (US$24.5 million) in the 2023 financial year.
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