Norwegian investor Arne Fredly has built his holding in Kjell Inge Rokke’s offshore shipping holding company Akastor after selling out of Hunter Group.

Fredly’s Apollo Asset bought 2.5m shares on Tuesday, when the share closed at NOK 13.06, giving it a 5% stake, an Oslo bourse filing showed.

This would have meant an outlay of around NOK 32.65m ($2.98m).

The stock has since risen to NOK 13.28