Efstathios Topouzoglou and a group of investors are looking to buy up First Ship Lease Trust's outstanding shares in a move that could end up seeing the company taken private.

In regulatory filings Friday, Singapore-traded FSL Holdings — a firm controlled by Topouzoglou — announced it was offering $0.043 (SGD 0.0585) per share, a premium of roughly a third of its current trading price of $0.032,