Hafnia Limited said it will acquire 1.7 million A shares in TORM plc at $34 per share, a transaction worth approximately $57.8 million.
The purchase adds about 1.66% to Hafnia's existing holding in the Danish shipping company. Following completion, the Oslo-listed tanker owner will control roughly 19.85% of TORM's issued share capital.
Hafnia is funding the acquisition from cash on hand and available credit facilities.
TORM shares traded around $33.50 to $34.50 in recent sessions, according to market data. The deal values the overall stake at a small premium to TORM's recent trading range.
Hafnia, which operates approximately 180 tankers carrying oil, oil products and chemicals, is part of the Norway-based BW Group. It maintains offices in Singapore, Copenhagen, Houston and Dubai.
TORM is listed on the Nasdaq Copenhagen under TRMD A and trades on the U.S. Nasdaq under TRMD. The company's market capitalization stands at approximately $1.9 billion based on recent pricing.
The increased stake makes Hafnia one of TORM's largest single shareholders, though it falls short of the 20% threshold that would trigger additional disclosure requirements in most jurisdictions.
