MVN Asset Management raises stake in Vard Holdings
LONDON-based MVN Asset Management has acquired a further 806,000 shares of Vard Holdings at S$0.27, boosting its stake in the Singapore-listed yard group to 6.0119 per cent.
Vard on Wednesday said in a filing to the Singapore Exchange (SGX) that the purchase was made on Tuesday.
MVN first emerged as a significant shareholder in Vard on Jan 18 after buying over 1.19 million shares, lifting its stake then to 5.0188 per cent.
This fuelled speculation that the London-based asset management outfit could be interested either in driving up Italian shipbuilding group Fincantieri's offer for Vard, or blocking the Italian group from delisting its yard subsidiary.
Fincantieri, which owned 55.62 per cent of Vard, was set on delisting its Singapore-listed subsidiary with an offer of S$0.24 per share.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed