Belships to Merge with Lighthouse Group

Norway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.

Belships ASA has announced a merger between certain subsidiaries of Kontrari (the Lighthouse Companies) and one or more subsidiaries of Belships with consideration in Belships shares.

A reference is made to the stock exchange announcement made by Belships on 6 July 2018 regarding the acceptance by Sonata of an offer from Kontrari AS and Kontrazi AS relating to a contemplated sale of 14,285,714 shares (30.2%) in the Company from Sonata to Kontrari.

A press release from the bulk ship operator and management company said: "Following satisfactory completion of a mutual due diligence process and final negotiations, Belships and the Lighthouse Companies have today on 4 October 2018 signed a merger plan pursuant to which Belships Chartering AS, a wholly-owned subsidiary of Belships, will assume the assets, rights and obligations of the Lighthouse Companies, against issuance of consideration shares in Belships."

The completion of the Merger and the issuance of the consideration shares are expected to take place before year-end 2018, subject to the conditions for completion being fulfilled.