Knightsbridge Eyes Merger Transaction
Dry bulk shipping company Knightsbridge Shipping Limited has filed a registration statement to issue USD 506.9 million-worth of shares in connection with the proposed merger with Golden Ocean Group Ltd.
Dry bulk shipping companies Golden Ocean Group Limited and Knightsbridge Shipping Limited agreed to merge, with Knightsbridge as the surviving legal entity in early October last year.
The combined company expects to have a fleet of 46 Capesize vessels, 10 ice class Panamax vessels, 8 Kamsarmax vessels and 8 Supramax vessels, of which 36 are newbuildings under construction. In addition, the company would have a small number of leased vessels and one vessel owned through a joint venture.
Under the SEC filing, the amount of shares to be registered is 61.5 million with common share pare value of USD 0.01.
The two companies are yet to approve the adoption of the merger transactions, Knightsbridge said.
Hemen Holding Limited, and certain of its affiliates, including Frontline 2012, would own approximately 53% of the issued and outstanding common shares of Knightsbridge, after giving effect to the merger.
Hemen Shareholder and certain of its affiliates own approximately 41% of the issued and outstanding common shares of Golden Ocean and 62% of shares of Knightsbridge.