Michael Kum, non-executive chairman of Atlantic Navigation, has raised his stake in the company by buying over $13 million worth of shares at 10 cents each via a married deal with CEO Bill Wong.
With 130 million changing hands, Wong, who founded the company, has cut his direct stake from 31.8% to 7.0%. He holds another deemed interest of 6.4%.
On the other hand, Kum, who holds his interest via an entity called Saeed Investment, now controls 75.1% of the company, up from just over 50%.
Kum first emerged as a controlling shareholder in Atlantic Navigation back in December 2018 when he took bought new shares worth US$26 million at 9.889 US cents each.
"Despite the ongoing turmoil in the Middle East, the acquisition of shares indicates Saeed’s continual confidence in the offshore oil and gas sector and more importantly in the governance and management of the group," says Atlantic Navigation.
"Mr Wong remains as an executive director and CEO to provide his leadership, insight and experience to the group," the company adds.
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Just recently on Jan 22, Kum, listed as a billionaire by Forbes, became a substantial shareholder of Marco Polo Marine after he bought 150 million shares at 13 cents each from Apricot Capital.
Atlantic Navigation shares closed at 11 cents on March 4, down 11.02% for the day but up 61.43% in the past year.
