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BULK - Golden Ocean Group vil ikke gjøre en emisjon ............

28451 fcras 23/4 2010 09:59

Innkommet 23.04.2010 09:36 - TDN

Oslo (TDN Finans): Golden Ocean Group vil ikke gjøre en emisjon i
forbindelse med børsnoteringen av selskapets aksjer i Singapore.

Det skriver TradeWinds fredag, som viser til uttalelser fra selskapets
driftdirektør Anders Zorn.

-Vi er fullt finansiering så det er ikke noe poeng å utvanne de
eksisterende aksjonærene basert på bare at vi skal sitte på mer kontanter,
sier han.

Ifølge avisen sier han at "ingen slik manøver (emisjon red. anm.) ligger i
kortene nå". Han "innrømmer" til avisen at det er bare et begrenset antall
aksjer som bli handlet på Singapore-børsen.

Zorn tillegger at deres avgjørelse om å noteres i Singapore er for å
tiltrekke store asiatiske institusjonelle investorer.

-Det vi egentlig trenger er en stor asiatisk investor som kan kjøpe seg inn
i selskapet, sier han.

Ifølge avisen er noteringen i Singapore betinget av at selskapet ikke kan
utstede nye aksjer de første tre månedene.
TDN Finans
22 00 11 55


Golden Ocean website:


23/4 2010 10:05 fcras 028452

Today in Tradewinds:

Golden Ocean ?fully financed?

A bulker player says it has no plans to raise further equity in Singapore for the time being.

A bulker player says it has no plans to raise further equity in Singapore for the time being.

When John Fredriksen-led Golden Ocean Group completed its dual listing on the Singapore Exchange (SGX) last month there was much speculation as to whether it was planning to raise equity in the city state through a share issue.

Anders Zorn, managing director of Golden Ocean in Singapore, tells TradeWinds that although the company would likely conduct any future equity issue there, no such move is on the cards right now.

?We are fully financed so there in no point in diluting the existing shareholder base just to sit on more cash,? he said.

Golden Ocean is the first company to take up dual listings in Oslo and Singapore following a co-operation deal penned by the two exchanges last year. Floating production, storage and offloading (FPSO)-unit player BW Offshore has revealed plans to follow suit.

Under the agreement, Oslo-traded Golden Ocean shares can be transferred to the SGX. The rules and regulations of the Oslo exchange will still apply in Singapore.

Zorn credits DnB NOR as the instigator of its dual listing and says it was a quick process that took four months from start to finish.

He adds that the decision to list in Singapore was made largely to tap Asian money, especially the large institutional investors.

?A lot of our business is here in Asia and the investors, especially the funds and banks, are very aware of the maritime industry as they closely follow China and therefore the bulk market,? he said.

Although it has been just over a month since Golden Ocean made its debut on the SGX, Zorn admits that only a limited number of shares that have been transferred.

?What we really need is one big Asian investor to buy into the company,? he explained.

Golden Ocean appears uninterested in attracting small retail investors ? the ?mom and pop? type who buy a few lots here and there. It is instead targeting big financial institutions that will hopefully acquire large chunks.

But small retail investors could play a role should Golden Ocean decide to raise further equity.

?We would work with local banks, which would probably look at the very active retails markets in Singapore and Hong Kong,? Zorn explained.

But such equity-raising activity is mere speculation at the moment and no time frame has been set. As part of the terms of the dual-listing agreement, Golden Ocean has to wait at least three months before it can undertake such a move.

Fredriksen, who has an approximate 40% stake in Golden Ocean, is no stranger to dual listings. His flagship tanker company, Frontline, and Golar LNG Energy both trade in Oslo and the US. A similar set-up is in the pipeline for Seadrill.

Zorn believes that if Golden Ocean?s dual listing in Singapore is successful, it could pave the way for other Fredriksen companies to do the same.