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ANTWERP - CMB.TECH NV (NYSE: CMBT & Euronext (EPA:ENX): CMBT), a maritime group with a diverse portfolio, has announced the purchase of a substantial shareholding in Golden Ocean Group (NASDAQ:GOGL) Limited (NASDAQ: GOGL & Euronext: GOGL), a leading dry bulk shipping company. The acquisition involves 81,363,730 shares, approximately 40.8% of Golden Ocean’s total shares and votes, at 14.49 USD per share.
This strategic move aligns with CMB.TECH’s diversification goals and marks a significant step in their expansion into the dry bulk sector. The company aims to become a long-term shareholder in Golden Ocean, investing in a modern fleet that complements its existing operations in various maritime segments. The deal is noteworthy as it does not trigger a mandatory takeover bid in any jurisdiction, including Bermuda, Norway, or the United States. InvestingPro analysis reveals that CMB.TECH operates with a significant debt burden, with a debt-to-equity ratio of 2.2x, though maintaining a healthy current ratio of 1.2x.
Alexander Saverys, CEO of CMB.TECH, expressed his enthusiasm for the acquisition, highlighting the opportunity to build on Golden Ocean’s established legacy and contribute to its long-term growth and innovation. The transaction also involves a financial strategy where CMB.TECH has arranged for a bank syndicate to potentially refinance Golden Ocean’s existing debt. According to InvestingPro analysis, which offers comprehensive insights through its Pro Research Reports covering over 1,400 US equities, CMB.TECH has demonstrated strong profitability with a gross profit margin of nearly 60% in the last twelve months, despite challenging market conditions.
CMB.TECH, headquartered in Antwerp, Belgium, operates over 150 vessels, including crude oil tankers, dry bulk vessels, container ships, chemical tankers, and offshore wind vessels. The company is also involved in providing alternative fuels such as hydrogen and ammonia, produced either in-house or sourced from third-party producers. Recent financial data from InvestingPro shows the company generated revenue of $940.25 million in the last twelve months, with analysts projecting 13% revenue growth for the upcoming fiscal year. Subscribers to InvestingPro can access 16 additional key insights about CMB.TECH’s financial health and market position.
Golden Ocean, incorporated in Bermuda, specializes in transporting dry bulk cargoes and boasts a fleet of 91 vessels with a combined capacity of approximately 13.7 million deadweight tonnes. The company’s shares are traded on the Nasdaq Global Select Market and the Euronext Oslo Stock Exchange.
The press release contains forward-looking statements based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. These statements are made in the context of the Private Securities Litigation Reform Act of 1995’s safe harbor provisions.
The information provided here is based on a press release statement from CMB.TECH.
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