Nasdaq-listed Star saysGreek tycoon Petros Pappas is splitting more than 6 million restricted common shares evenlybetween his son Alexandros and daughter Milena Pappas, a Class B director, “for estate planningpurposes”.
Based on a closing price of $0.61 the holding,which represents roughly 3.7% of the total shares outstanding, is valued at approximately$3.7m but would have been worth slightly less had the stock not enjoyed an11.67% gain on Wednesday.
The move follows hot on the heels ofrecent reports that Pappas’ shipping company, Oceanbulk or Greece, recently acquired acapesize bulker and may be the buyer behind the purchase of several products tankersfrom ailing Singapore-based operator FR8.
