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Fredriksen Group Aiming to Buy FLEX LNG
= Through Gevaran Trading, Fredrikson Group's affiliate =
FLEX LNG Ltd., a Norwegian LNG shipping company, announced on October 24 that it noted the purchase of its 12.7 million shares by Gevaran Trading Co., Ltd., a company controlled by Fredriksen Group, and Gevaran's intention to launch a mandatory offer for all the shares of FLEX.

Gevaran Trading is FLEX's largest shareholder having had 5.9% as of the end-March 2014, which increased sharply by purchasing additional shares, including the latest purchase of 12.7 million shares at NOK7.75/share on October 24, 2014, to reach 43.32%.

FLEX LNG, established in 2006, has been trying to launch the floating LNG production/storage business in cooperation with Samsung Heavy Industries without success yet, and is waiting for completion/delivery, scheduled in the Q1-2017, of two LNG tankers of 174,000 m3 each being built by Samsung.
last modified : Fri 31 Oct, 2014 [10:15]
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