Hafnia stock falls after increasing stake in Torm to 19.85%
Investing.com -- Hafnia Ltd (NYSE: HAFN) shares dropped 4.5% Thursday after the company announced it would acquire additional shares in Torm PLC Class A (NASDAQ: TRMD).
The tanker owner agreed to purchase 1,700,000 A shares in TORM at $34.00 per share, representing 1.66% of TORM's issued and outstanding share capital. Following the transaction, Hafnia's stake in TORM will reach approximately 19.85%.
Hafnia will fund the acquisition using cash on hand and available credit facilities.
Hafnia operates as one of the world's leading tanker owners, transporting oil, oil products and chemicals. The company owns and operates around 180 vessels.
