Hemen Holding Sells Significant Stake in Golden Ocean Group to CMB.TECH
Limassol, Cyprus, March 4, 2025 – In a major move within the maritime industry, Hemen Holding Limited (Hemen) has announced that it has reached an agreement to sell 81,363,730 shares in Golden Ocean Group Limited (Golden Ocean) to CMB.TECH. The total consideration for this transaction is estimated to be approximately USD 1,179 million.
Background on the Companies Involved
Hemen Holding Limited, based in Cyprus, is a privately held investment holding company. Golden Ocean Group Limited, headquartered in Oslo, Norway, is a leading international shipping company that owns and operates a fleet of 57 vessels with a focus on the dry bulk sector.
Details of the Transaction
The shares being sold by Hemen represent approximately 40.8% of Golden Ocean’s outstanding shares and votes. This sale includes all of Hemen’s shares in the Company. CMB.TECH, listed on the New York Stock Exchange and Euronext, is a technology-focused investment company with a diverse portfolio.
Impact on Hemen Holding
The sale of Hemen’s shares in Golden Ocean represents a significant strategic move for the investment holding company. By divesting its stake in the shipping company, Hemen will be able to reallocate its resources towards other investment opportunities. The proceeds from the transaction are expected to provide Hemen with increased financial flexibility.
Impact on Golden Ocean
The sale of Hemen’s shares to CMB.TECH will result in CMB.TECH becoming one of Golden Ocean’s largest shareholders. This transaction could potentially lead to increased institutional ownership in the company and could influence the strategic direction of Golden Ocean. It is important to note, however, that the specific impact on the company’s operations and financials will depend on CMB.TECH’s intentions and actions following the acquisition.
Impact on the Maritime Industry and Investors
The transaction between Hemen and CMB.TECH is significant as it highlights the ongoing trend of consolidation within the maritime industry. As the world economy continues to grow, there is increasing pressure on shipping companies to optimize their operations and enhance their competitiveness. The sale of a substantial stake in a major dry bulk shipping company like Golden Ocean to a technology-focused investment firm underscores the importance of technology and innovation in the maritime sector.
Conclusion
In summary, Hemen Holding’s decision to sell its 40.8% stake in Golden Ocean Group to CMB.TECH is a notable event within the maritime industry. This transaction represents a strategic move for Hemen and could have far-reaching implications for the shipping company and its shareholders. The consolidation trend within the maritime industry, as well as the growing importance of technology and innovation, are key takeaways from this transaction.
- Hemen Holding sells 81,363,730 shares in Golden Ocean Group to CMB.TECH for approximately USD 1,179 million
- Hemen’s shares represent approximately 40.8% of Golden Ocean’s outstanding shares and votes
- Transaction could lead to increased institutional ownership in Golden Ocean and potential influence on strategic direction
- Consolidation trend and importance of technology in the maritime industry are key takeaways from the transaction
