Stolt-Nielsen Limited and Sungas Holdings Ltd. were now the owners of Avance Gas Holding Ltd. (AGHL). Each company had a 50% stake in AGHL.
The change in ownership resulted after Transpetrol Gas Holdings Limited bought back two very large gas carriers of VLGCs. Transpetrol had previously sold these two VLGCs to Avance Gas Holding last year, with the call option to buy back explicitly specified in the terms of sale.
The transaction included two ships from Transpetrol that were bought by AGHL with cash and shares. The return/addition of these two ships brought AGHL's ships back to six.
AGHL planned to build a fleet of VLGCs by acquiring second-hand tonnage and through mergers. In so doing, it would continue to be an active participant in the consolidation of the LPG transportation market.
The new transaction was expected to be completed by the middle of August this year. For Stolt-Nielsen Limited, no significant impacts were expected to arise from the buy back.
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