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Singapore’s BW Group has sold 5.1% of its shareholding in Oslo-listed Hafnia to back the product tanker giant’s dual listing scheme.
The sale included 26m out of some 246m shares (48.23% stake) BW held in Hafnia, priced at NOK73.
Hafnia said in a filing that the purpose of the sale was to enhance the trading liquidity in its shares in support of its planned dual listing in the US and to rebalance the BW Group’s portfolio of 18 group companies. Earlier this month, BW also put for sale some $82.9m worth of shares in VLCC owner DHT.
The Andreas Sohmen-Pao-led maritime conglomerate will cash in about NOK1.9bn ($178m) from the latest transaction in which DNB Markets, Fearnley Securities and Pareto Securities acted as joint coordinators and bookrunners.
Hafina’s move for a New York listing was revealed last November. The owner and operator of about 130 tankers delivered a record profit of $793.3m in 2023, marking its highest full-year result for the second year. The company ended the year with 116 owned tankers, valued by brokers at nearly $5bn.
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