Hafnia (HAFN) said Tuesday it completed its acquisition of 14.1 million TORM (TRMD) shares, representing 13.9% of TORM's issued share capital, from Oaktree Capital Management.

TORM said in a separate statement that Oaktree now holds 26.4 million of its 101.3 million shares.

TORM is reviewing whether Oaktree's stake has dropped below one-third. Once that threshold is confirmed, all special rights held by Oaktree, including a board seat, enhanced voting rights, and certain restrictions on TORM's actions, will lapse, and the associated B and C shares will be canceled.

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