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Controlling unitholder to sell all shares in FSL Trust's sponsor
THE controlling unitholder of FSL Trust is looking to divest all its shares in FSL Holdings, which is the sponsor of the shipping trust.
The trustee-manager of FSL Trust said after Thursday's trading close Godan GMBH is in discussion with shortlisted strategic investors for a potential sale of all of its shares in FSL Holdings.
A subsidiary of HSH Nordbank AG, Godan is the controlling unitholder of FSL Trust and sole shareholder of FSL Holdings.
FSL Holdings also owns all shares of the trustee-manager of FSL Trust through FSL Asset Management Pte Ltd. A sale of FSL Holdings would thus result in a change in the beneficial ownership of the sponsor and the trustee-manager of FSL Trust.
The trustee-manager, FSL Trust Management Pte Ltd, said that Godan's divestment is a "positive development" for the trust. It added: "With the long-term strategic investor controlling the sponsor, prospects for a refinancing and/or extension of the trust's indebtedness should improve greatly."