Singapore’s BW Group has announced that it has completed the sale of up to 7m common shares in BW LPG for NOK58.5 ($6.41) per share.
The company retained Skandinaviska Enskilda Banken as manager and bookrunner for the deal through an accelerated bookbuilding process.
The placement represents around 5% of the outstanding shares in BW LPG, with BW Group still holding around 42% in BW LPG following the sale.
BW said the purpose of the placement is to return free float to the market and increase the liquidity in the BW LPG share.
“BW Group will remain as a large and long-term shareholder in BW LPG with a 42% position and is very positive about the LPG market fundamentals,” the company said.