**Hajioannou Invests €10 Million in Safe Bulkers Amid Share Capital Expansion**
In a significant move for the dry-bulk shipping sector, Polys Hajioannou, chief executive of Safe Bulkers, has invested €10.05 million in the company’s recent share issue. This investment was made through Moutoulas Shipping Corporation, an entity closely associated with Hajioannou. The announcement was made by Safe Bulkers in a regulatory filing on Tuesday, marking a pivotal moment in the company's ongoing efforts to expand its capital base.
The investment comes on the heels of Safe Bulkers completing an €80.4 million private placement, which involved the issuance of 12 million new common shares priced at €6.70 each. This private placement was part of a broader strategy to strengthen the company's liquidity and finance its existing newbuilding program. The net proceeds from the share issuance are also earmarked for potential newbuild orders or second-hand vessel acquisitions, as well as general corporate purposes.
Hajioannou's investment consisted of the acquisition of 1.5 million common shares, a reduction from his initial subscription of 2 million shares. The adjustment was made to facilitate the distribution of shares to other investors during the placement process, which was completed last week. The shares acquired by Hajioannou began trading on the Main Market of Euronext Athens on September 14, following the approval of their admission three days prior.
As a result of this latest share issuance, Safe Bulkers now has a total of 113,833,473 common shares listed on Euronext Athens, each carrying one vote. Additionally, the company holds 804,950 Series C preferred shares and 3,195,050 Series D preferred shares, neither of which carry voting rights and are not listed on the exchange. Consequently, the total number of voting rights for Safe Bulkers remains at 113,833,473.
This capital expansion comes just over three months after Safe Bulkers made history by becoming the first shipping company to list on Euronext Athens, while maintaining its existing listing on the New York Stock Exchange under the ticker symbol SB. At the time of its June listing, Euronext estimated the company's market capitalization at approximately €580 million.
The strategic steps taken by Safe Bulkers, including Hajioannou's substantial investment, reflect the company's commitment to enhancing its operational capabilities and market position within the competitive shipping industry. As the company continues to navigate the complexities of the global shipping market, the infusion of capital is expected to play a crucial role in supporting its growth and expansion initiatives.