BW Group has completed the sale of 7m shares in Oslo-listed LPG carrier owner BW LPG.
The Singapore-based shipowner said it had offloaded the stock at NOK 58.50 each, for a total of NOK 409.5m ($44.96m).
The shares were trading up 1.4% at NOK 61.50 on Tuesday morning.
It had retained Skandinaviska Enskilda Banken as manager and bookrunner for the placement.
BW said the 7m shares represent about 5% of the outstanding capital of BW LPG, reducing its holding to 42%.
“BW Group has increased its shareholding in BW LPG over the past 18 months,” the Andreas Sohmen-Pao-led shipowner 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.”
BW Group added that it has undertaken not make any additional sales of shares held in BW LPG after the placement for a period of 60 days.
The bookbuilding started on Monday afternoon.
BW LPG is the world’s largest owner and operator of VLGC and LGC LPG vessels, with a total carrying capacity of over 4 million-cbm.
