Danish shipping company AP Moller-Maersk has sold 20 million shares in Norway's Hoegh Autoliners, cutting its holding to zero, according to a stock exchange filing.
The sale at a price of 90 Norwegian crowns (US$8.43) per share represented approximately 10.48% of the share capital and votes in Hoegh Autoliners, said the Norwegian RoRo transportation service provider.
Therefore, Maersk sold all of its shares in the Scandinavian car carrier for 1.8 billion Norwegian crowns (around US$170 million).
On Maersk's Q3 financial figures announcement, CEO of Maersk Vincent Clerc said, "Given the challenging times ahead, we accelerated several cost and cash containment measures to safeguard our financial performance."
He added, "While continuously streamlining our organisation and operations, we remain dedicated to our strategy of fulfilling our customers’ diversified supply chain needs while pursuing growth opportunities across our Terminals business and Logistics & Services."
