Greece’s tanker shipowner TOP Ships Inc. intends to effect a spin-off of two of its suezmax tanker vessels.
The subsidiary of TOP Ships, Rubico Inc., would become an independent publicly-traded company listed on the Nasdaq Capital Market as a result of the planned spin-off, TOP Ships said in a SEC filing on June 4.
The initial assets of Rubico will be the 2021-built, 157,286-dwt scrubber-fitted suezmax tankers, Eco Malibu and Eco West Coast.
The US-listed TOP Ships, after the announcement of its intention to spin off the new Nasdaq-listed suezmax tanker company, said that Rubico will file a registration statement with the securities and exchange commission in connection with the proposed spin-off.
As it is reported, the transaction remains subject to such registration statement being declared effective and the approval of the listing of Rubico’s common shares on the Nasdaq Capital Market.
Photo credit: TOP Ships
“There can be no assurance that the transaction will occur or, if it does occur, of its terms or timing. TOP Ships may, at any time, decide to abandon the spin-off,” the company said in the filing.
The Athens-based TOP Ships has currently a fleet portfolio of two VLCCs, five suezmaxes and three MR2 tankers.
