Cmb.Tech's stock surged 10.5% in the pre-market session on Wednesday, following the company's announcement of acquiring a significant stake in Golden Ocean Group Limited, a leading dry bulk shipping company.
The Belgian maritime group revealed plans to purchase 81,363,730 shares, representing approximately 40.8% of Golden Ocean's outstanding shares and votes, from Hemen Holding Limited for $14.49 per share. The total consideration for the transaction amounts to around $1.18 billion.
This acquisition aligns with Cmb.Tech's strategic objective of diversification, as the company intends to become a long-term shareholder in Golden Ocean and invest in its modern dry bulk fleet. CEO Alexander Saverys emphasized that the deal represents a significant milestone in Cmb.Tech's diversification strategy, and the company looks forward to engaging with Golden Ocean's board, management, and employees to drive long-term growth and innovation.
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