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Hoegh wins freedom to go its own way.
(From Lloyds List)
FAMILY shipping group Leif Hoegh's decision last year to sever its ties with the Oslo bourse has been widely greeted as a sound financial move that has guaranteed it the freedom to invest as it sees fit in its core gas and car carrier activities.
Family investment vehicle Aequitas Holding's successful bid for all the shares of Leif Hoegh and its subsequent delisting from the Oslo Stock Exchange later put an equity value of $500m and an enterprise value of $930m on the company.
It is now primarily owned by family trusts, under which Leif O Hoegh and Morten W Hoegh are the main beneficiaries. Their vision for the company is based on building up investment in two shipping areas based on long-term contracts.
'Some employees have wondered if our move towards two core activities has been a contraction, but really it is about concentration,' explains Leif Hoegh president Thor Jorgen Guttormsen.
'The car carrier market is very transparent while LNG has a long way to go, but there is no barrier to investment.
'Consolidation for many can lead to a drop in results, but not for us.'
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- News wire article from: Europe Intelligence Wire July 22, 2004 700+ words
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- News wire article from: Europe Intelligence Wire April 28, 2006 700+ words
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- News wire article from: Europe Intelligence Wire October 21, 2002 700+ words
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- Correction: Report per 2nd Quarter 2005 - Leif Hoegh & Co Limited.
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