Vitol Netherlands B.V., a majority shareholder in Latvian Shipping Company (LSC), has proposed to delist and sell 200 million bearer shares of the shipping company, listed on Nasdaq Riga.
The proposal is set to be discussed at the extraordinary shareholder meeting scheduled for December 20, 2017.
Vitol Netherlands acquired 19.62 percent of the total voting capital in LSC in June this year, bringing its total shareholding to 69.56 percent.
Latvian Shipping Company returned to the black having posted a net profit of USD 13.08 million for the first nine months of this year.
The recovery from last year’s loss of USD 19.33 million booked in the same period was driven mainly from the reversal of the fleet revaluation loss and profit from sale of non-core assets, the company said.
The company has a fleet of 16 ships, including 12 MR product tankers and four Handysizes.