Odfjell's heir is giving away everything – the shares are worth DKK 360 million.

Odfjell's heir is giving away everything – the shares are worth DKK 360 million.

Odfjell's heir, Johan Odvar Odfjell, has sold his entire stake in Odfjell A shares, according to Stock exchange announcement.

Odfjell's heir owns 5.3 percent of the company through his investment company Farvatn II. The value of the shares amounted to more than 360 million Norwegian kroner.

Background on Johan Udvar Udvigil

  • While London-based sisters Helen and Marianne Odvigel inherited Odfjell Drilling, their brother Johan Odvar Odvigel inherited the chemical shipping company Jo Tankers. Marian sold 30% of her shares in the drilling company in 2015.
  • Johan Udvar has not lost his appetite for chemical tanks, although in 2016 he sold Jo Tankers to the listed company Stolt-Nielsen. Jo Invest has invested in a joint venture with Stolt-Nielsen, and together with Jo Capital has increased its exposure to chemical tanks and tank terminals by investing in listed shipping company Odfjell.

capital

in Separate notice to the stock exchange The buyer of the shares appears to be Stolt-Nielsen. The company purchased more than 3.2 million shares in the company, exceeding the 10 percent ownership limit.

Following the purchase, Stolt-Nielsen owns just over 8.2 million shares in Odfjell, equivalent to a 13.6% ownership.

It is not known how many shares were sold.

according to List of capital 400 Johan Udvar Odvigil has a net worth of NOK 4.4 billion, making him the 95th richest person in Norway.

bull analysts

Senior analyst Erik Hovey raised the price target for Odfjell from NOK 143 to NOK 160.

Structurally, the sector still looks very attractive with low fleet growth and limited order activity, while repricing of volume contracts could provide higher profits for a longer period, says Hovey about the outlook.

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He believes the company is well positioned to return value to shareholders in the form of dividends.

Two years ago, Stolt Nielsen indicated that it had passed a 5 percent ownership stake in Odvigel. Since then, Odfjell's stake has nearly quadrupled, so the purchase was a very good investment. Now the chemical tanker company is buying more of the winning stake.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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