Karoon Energy (ASX:KAR) received notice that Japan-based Mitsubishi UFJ Financial Group has ceased to be a substantial shareholder of the oil and gas explorer and producer, according to a Friday filing with the Australian bourse.
The notice followed recent communications that the financial services firm became a substantial shareholder of the company after gaining relevant interests of about 39.5 million shares, or 5.1% voting power, according to a separate same-day filing.
Karoon Energy's shares were up nearly 4% in recent Monday trade.
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