Karoon Energy (ASX:KAR) received notice that Commonwealth Bank of Australia (ASX:CBA) and its affiliates became a substantial holder of the company on Wednesday, according to a Thursday filing with the Australian bourse.
Commonwealth Bank of Australia now owns 35.9 million shares in the company, representing a 5.03% voting power, the filing said.
Karoon's shares rose past 2% in recent Thursday trade.
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