SGX-quoted FSL disposed of its 18,266,649 Torm shares for $2.63m, it revealed in a statement today.
It explains a gain of $1.71m on the investment will be recorded in its first quarter accounts having taken advantage of a short term spike in Torm stock.
FSL became a Torm shareholder as part of a 2013 restructuring of the Copenhagen-listed tanker owner that saw banks take over 70% of the company and owners take equity holdings in exchange for lower charter rates.
