Denmark's United Shipping and Trading Company (USTC) has increased its shares in CM Biomass.
USTC first bought a majority share in the wood pellet and biomass supplier in 2021, with a strategy of increasing its shares in CM Biomass in the years to come.
In spring last year, USTC increased its ownership from 60% to 67%, and now it has acquired an additional 22% of shares.
That means USTC's total ownership is now 89%.
The move comes as several minority shareholders agreed to sell off their shares.
“When USTC acquired the majority shares of CM Biomass in 2021, it was because we saw a strong business case and a tremendous synergy potential with the rest of the USTC Group," said Nina Østergaard Borris, CEO of USTC.
"Since then, CM Biomass has continued to show strong performance and we have been able to profit from the synergies within the Group, especially regarding logistics and risk management.”
The change in owner shares will not affect or change the strategic direction or priorities of CM Biomass going forward, said USTC.
USTC’s shares in CM Biomass rise to 89%
