VLGC owner BW LPG is to reincorporate in Singapore, shifting its domicile from Bermuda.
The Singapore-based company said in a letter to shareholders the move would “increase the company’s strategic flexibility”.
The move follows its listing in New York last month, in addition to its existing Oslo listing.
A hearing will take place on 15 May at the Supreme Court of Bermuda to “give directions as to the convening” of a meeting of shareholders for a vote on the issue.
Chief financial officer Samantha Xu said that the board believes the change will pose “no noticeable risks to the company’s operating model, long-term strategy and ability to maintain a competitive worldwide effective corporate tax rate”.
“Singapore also has a well-developed legal system that encourages a high standard of corporate governance,” she added.
BW LPG would remain subject to International Financial Reporting Standards reporting requirements and the corporate governance rules of both the Oslo and New York bourses, Xu said.
The board has unanimously backed the scheme.
BW LPG is now the second major VLGC owner on the New York exchange, together with Dorian LPG.
The Singapore company is also the third BW Group company to take on a dual listing in New York after BW-backed product tanker owner Hafnia listed its shares in the Big Apple a few weeks earlier.
BW Group’s wind farm vessel owner Cadeler secured its place on the NYSE last year through a merger with Scorpio Group-controlled Eneti.
