The Riga Stock Exchange, which led a consortium that conducted the sale to local and international investors, said 102 million shares sold for 0.35 lats each, virtually completing a privatization that has dragged on for years and claimed two governments.
The Latvian oil firm Ventspils Nafta bought 61.3 percent of the auction shares and 38.6 percent were bought by the Estonia-based Hansapank, the stock exchange reported.
The handful of remaining shares were bought by individuals.
Ventspils Nafta now owns 31 percent of the company, if the deal is approved, which is expected later this week.
The sale price fell at the lower end of the offered price range of 0.30 to 0.45 lats.
The auction follows a sale of 32 percent of the company for privatization vouchers in April. Those shares were bought by two Latvian banks, Latvijas Krajbanka and Hansabanka, the Latvian subsidiary of Hansapank, on behalf of other clients.
Analysts speculated that Ventspils Nafta could be one of those clients.
The Riga Stock Exchange included shipping company shares on its official list on June 26.
Shareholders who bought at this week's sale will be able to begin trading July 1.
The stock exchange is currently in negotiations with other European equity markets to crosslist the share. The London Stock Exchange is one possible venue.
Locally the June 25 auction was 5.8 times oversubscribed, while abroad demand was 1.7 times greater than supply.
Another 6 percent of the company will be sold to retired employees in an offer that runs until Nov. 15.
The process to privatize the Latvian Shipping Company began in May 1999. Three previous attempts to sell the company failed and resulted in the downfall of two governments.
In the last failed attempt, the Latvian government had planned to sell a 68 percent stake in the company for 0.51 lats per share.
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