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.