Diana Shipping has shelled out $21.5m to buy its own head office building from a Simeon Palios-controlled entity in an apparent cost-saving move.
There is also expected to be a tax benefit from the purchase of the Athens property by the NYSE-listed bulker owner.
In a brief statement to the New York bourse on Tuesday, Palios-led Diana wrote that it had “purchased 100% of the outstanding stock of the two property owning companies from an entity affiliated with the company's largest shareholder for an aggregate purchase price of $21.5m”.
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