Fredriksen swoops on Flex LNG

OCTOBER 24, 2014 — Billionaire John Fredriksen is poised to add Flex LNG to his empire.

Geveran Trading Co Ltd, which is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family, said in a stock exchange announcement today that it had yesterday purchased 12,722,682 shares in Flex LNG Ltd at a price of NOK 7.75, increasing its affiliated ownership in the company to 54,897,544 shares, constituting 43.32% percent of the issued share capital.

Geveran said it will make a mandatory offer for the remaining shares in Flex LNG Ltd within four weeks, in accordance with Chapter 6 of the Norwegian Securities Trading Act.

Set up to commercialize stranded and associated natural gas worldwide by owning and operating floating LNG production units, Flex LNG has two 174,000 cu.m TFDE LNG carriers on order at South Korean shipbuilder Samsung Heavy Industries.

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