(Singapore, 21 April 2023)
The board of directors of BW LPG Limited (the “Company”) has proposed that the Company’s Annual General Meeting to be held on 15 May 2023 (the “AGM”) resolves to transfer the Company’s domicile from Bermuda to Singapore in accordance with the provisions of Section 132G of the Bermuda Companies Act 1981 as amended and Part 10A of the Singapore Companies Act 1967.
The proposed re-domiciliation will be carried out by way of a continuance process, whereby the Company is discontinued in Bermuda and continued into Singapore as the same company. Under Singapore law, the transfer of domicile will be a direct re-domiciliation from Bermuda, and the Company will accordingly have the same assets and liabilities as prior to redomiciling. The board of directors will continue as the main corporate body of the company and the management of the Company will remain the same.
The Company’s name BW LPG and ticker on Oslo Børs will remain the same after the re-domiciliation. The Company will have a new company registration number and a new ISIN code following the re-domiciliation, but it will retain its LEI code. More information about the ISIN change will be published after the AGM. The Company’s new registered office following the re-domiciliation will be the current BW LPG office address in Singapore at 10 Pasir Panjang Road, #17-02 Mapletree Business City, Singapore 117438.
On the effective date of the re-domiciliation, the shareholders will hold one ordinary share of the Company for each common share held prior to the re-domiciliation. Moreover, the principal attributes of the share capital of the Company will be the same before and after the re-domiciliation, and the re-domiciliation will not affect the voting rights of the shares. However, the Company will be subject to Singapore corporate law and its bye-laws and memorandum of association will be replaced with a constitution for public companies in accordance with Singapore law which will be adopted by the AGM. The shares will continue to be freely transferable on Oslo Børs and be registered in the Norwegian Central Securities Depository, Euronext Securities Oslo, with DNB Bank ASA as registrar.
The re-domiciliation is subject to approval at the AGM and consents from various contract parties and regulatory authorities. The Company will communicate the expected effective date of the re-domiciliation, if resolved at the AGM, in due course.
For further information, please contact:
Chief Executive Officer
Chief Financial Officer
About BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies.
Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.