Norway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.
Under the plan agreed on October 4, 2018, Belships’ subsidiary Belships Chartering AS will assume the assets, rights and obligations of the Lighthouse Companies, against issuance of consideration shares in Belships.
The development comes almost three months after Belships’ majority shareholder, Sonata AS, entered into a deal to sell 30.2% of its share in the company to Kontrari and the subsequent merger of Kontrari’s subsidiaries (the Lighthouse Companies) and subsidiaries of 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, Belships explained.