18 July 2023
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG”) announced a share buyback program on 8 December 2021 to purchase up to 10 million shares for a maximum of USD 50 million, to be held as treasury stock. Between 8 December 2021 and 11 April 2023, a total of 7,317,962 common shares were purchased at an average price of NOK 59.4024 per share, for an aggregate consideration of NOK 434.7 million (USD 45.5 million).
On 15 May 2023, the Board of Directors of BW LPG resolved to initiate a new share buyback program, under which BW LPG will purchase up to 6 million common shares for a maximum amount of USD 50 million.
A tender offer was launched on 12 June 2023 to purchase shares in the Company through a reverse book building process (the “Offering). Following the end of the application period on 14 June 2023, the Company bought 956,222 shares at a price of NOK 108.00 per share for an aggregate consideration of NOK 103.3 million (USD 9.7 million). The shares acquired in the Offering were cancelled on 3 July 2023.
The Company will continue on its share buyback program by purchasing shares from the open market at prevailing prices on the Oslo Stock Exchange with daily volume limit of 61,431 shares. The share buy-back program will commence today and is expected to continue until the next Annual General Meeting in 2024. The shares purchased will be held as treasury stock.
For further information, please contact:
Chief Executive Officer
Interim Chief Financial Officer
Head of Investor Relations and Corporate Development
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, experienced employees and an in-house LPG trading division, BW LPG offers an integrated, 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. This information is subject to the disclosure requirements pursuant to Article 5 of the EU Market Abuse Regulation and Section 5-12 of the Norwegian Securities Trading Act.