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Oaktree sells further stake in Norwegian tanker business

Oaktree Capital Management, a US-based private investment firm focussed on distressed debt investment strategies, has sold an additional stake of 25.2 million shares in the Oslo-listed product tanker unit of BW Group, Hafnia, according to a report by Splash247.

Oaktree-controlled OCM Luxembourg Chemical Tankers used Fearnley Securities, Jefferies and Pareto Securities to execute a block sale of existing shares equal to approximately 5.01% of the business, through a private placement, at a price of NOK50 per share, which equates to approximately NOK1.26 billion ($127.6 million).

Prior to this sale, Oaktree held around 50.2 million shares in Hafnia, or just under 10% of the business, after last year divesting nearly half of its holding for NOK1.9 billion. 

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