The Swedish investment group Sparbakernas Utvecklings AB and International Shipping Investment Co (ISIC) of the Isle of Man have joined forces to buy a 50% stake in Oceanic Finance Corp of Bermuda and its London based subsidiary Oceanic Financial Services. The main shareholder in ISIC is the Tufton Group. Prior to the recent change of ownership the main shareholders in Oceanic were Imasco Enterprises with a 33% shareholding, Fednav Ltd and Great-West Life Assurance Co with 28% each and CSL with 11%.
Oceanic chief executive Simon Leatham told Marine Money “The activities of the new shareholders and those of Oceanic are complementary. We have been mainly involved in providing mezzanine finance in the form of debt, while the Tufton group have mainly been equity investors, and specialists in the provision of rapid response bridging finance.” It is expected that Oceanic will be able to provide interlinking finance with projects financed by the new shareholders, as well as continuing with its own shipping portfolio.
This is only an excerpt of New Shareholders for Oceanic Finance
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