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Shareholders of BW LPG to vote on move to Singapore

Singapore may soon be the place of incorporation of BW LPG Ltd (File photograph)

Shareholders of BW LPG Ltd, the Bermudian-incorporated liquefied petroleum gas shipper, are to meet to vote on a proposal by the company’s board of directors to move its place of incorporation to Singapore.

The Supreme Court of Bermuda, at a directions hearing held on Wednesday, ordered that the meeting be held on June 12, or on a date no later than August 15.

The company has been registered in Bermuda since 2008.

A scheme of arrangement under the Bermuda Companies Act 1981, if approved by the company’s shareholders and the Supreme Court, would effect a discontinuance of the company from Bermuda and continuance to Singapore.

Under Singapore law, the company said, the transfer of domicile will be a direct redomiciliation from Bermuda, and the company will accordingly have the same assets and liabilities as prior to redomiciling. The board of directors and the management of the company will also remain the same.

The company’s name, BW LPG, and ticker on the Oslo Stock Exchange and the New York Stock Exchange will remain the same after the redomiciliation.

The effective date of the redomiciliation is expected to be in the third quarter of the year, the company said.

BW LPG is associated with BW Group, a global maritime company involved in shipping, floating infrastructure, deep-water oil and gas production, and new sustainable technologies.

Founded in 1955 by Sir YK Pao, BW controls a fleet of more than 490 vessels transporting oil, gas and dry commodities, with its 200 liquefied natural gas 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.

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Published May 16, 2024 at 3:13 pm (Updated May 16, 2024 at 9:22 pm)

Shareholders of BW LPG to vote on move to Singapore

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