Michael Kum, non-executive chairman of Atlantic Navigation, has raised his stake in the company by buying over $13 million worth of shares at 10 cents each via a married deal with CEO Bill Wong.

 

With 130 million changing hands, Wong, who founded the company, has cut his direct stake from 31.8% to 7.0%. He holds another deemed interest of 6.4%.

 

On the other hand, Kum, who holds his interest via an entity called Saeed Investment, now controls 75.1% of the company, up from just over 50%.

 

Kum first emerged as a controlling shareholder in Atlantic Navigation back in December 2018 when he took bought new shares worth US$26 million at 9.889 US cents each.

 

" Despite the ongoing turmoil in the Middle East, the acquisition of shares indicates Saeed&rsquo s continual confidence in the offshore oil and gas sector and more importantly in the governance and management of the group," says Atlantic Navigation.

 

" Mr Wong remains as an executive director and CEO to provide his leadership, insight and experience to the group," the company adds.

 

Just recently on Jan 22, Kum, listed as a billionaire by Forbes, became a substantial shareholder of Marco Polo Marine after he bought 150 million shares at 13 cents each from Apricot Capital.