Singapore’s BW Group has sold around 6% of its Oslo-listed VLGC owner BW LPG for NOK1bn ($91.6m).
Andreas Sohmen-Pao’s BW offloaded 8.4m shares at NOK120 apiece, a discount of about NOK12 compared to closing price on Tuesday and now owns 48.4m shares in BW LPG, corresponding to a 34.6% ownership stake.
BW LPG has had a tremendous year on the stock exchange and is up 74% year-to-date. The Kristian Sørensen-led gas shipping company has reaped the benefits of high rates and an extreme demand for gas, generating a net profit of $78.2m or $0.59 per share, in the second quarter alone.
One of the world’s leading owners and operators of VLGCs, controlling 45 ships as of end-June, including those owned and operated by its unit in India, is planning to list in the US.
The group said the purpose of the offering was to boost the trading liquidity in BW LPG’s shares in support of its upcoming dual listing in the US and to rebalance the BW Group’s portfolio of 18 companies.
DNB Markets, Fearnley Securities, and Pareto Securities acted as joint coordinators and bookrunners in the offering.
