Atlantic Navigation Holdings’ 5UL significant shareholders, Saeed Investment and Bill Wong Siew Cheong, have been exploring “strategic options” in relation to their interest in the company.
The company says it was just notified on May 24.
Saeed Investment, which invested in the company back in 2018 at around 9.9 US cents (13.3 cents), holds 50.22%; Wong, the company's CEO, holds a direct stake of 31.82%.
Atlantic Navigation Holdings’ announcement comes after it received a query from the Singapore Exchange Regulation (SGX RegCo) on its “unusual price movements”.
Shares in the company closed at a five-year high of 31.5 cents on May 24, 21.2% up from the previous day’s close.
“As at the date of this announcement, the significant shareholders have informed that the discussions are on a preliminary basis and no definitive agreements in relation to any transactions have been entered into,” says the company.
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“There can be no assurance or certainty that any discussions will be successfully concluded and any definitive agreements be entered into. Apart from the above, the company is not aware of any information not previously announced concerning the group which might explain the trading,” it adds.
On May 10, Atlantic Navigation Holdings reported a 161.3% y-o-y surge in its net profit of US$4.85 million for the 1QFY2023 ended March 31.
1QFY2023 revenue increased by 29.4% y-o-y to US$17.8 million which was supported by strong utilisation rates across the company’s fleet of vessels.
