08:27 AM EDT, 06/11/2024 (MT Newswires) -- Fairfax Financial Holdings ( FRFHF ) on Tuesday said it raised its stake in Ensign Energy Services ( ESVIF ) as it bought 7.79-million of the oilfield-services company's shares held in a total return swap it terminated.

Fairfax said it acquired the shares from an unnamed counterparty at a price of $2.34 per share, their closing price Monday on the Toronto Stock Exchange. They were priced at $1.32 in the swap, which allows one party in a deal to benefit from returns on an asset without owning it while making set payments to the owner of the asset.

Fairfax said that the purchase raises its stake in Ensign to 16.1% from 11.86%. It is holding the shares for investment purposes

Fairfax shares closed down $11.28 to $1,550.53 Monday on the Toronto Stock Exchange.