EMEA News
BW Pacific Launches Oslo IPO to Fund Newbuilds
BW Pacific Limited (BW Pacific) has launched its initial public offering (IPO) on the Oslo Stock Exchange, a move expected to gain the company $250 million through the issuance of 48.7 million new shares, Shipping Watch reports.
As Ship & Bunker reported in October, BW Group's product tanker arm was looking to the IPO to finance the company's newbuild program and "position the company for further growth by gaining access to the capital markets."
It's reported that BW Pacific's owners, along with BW Group, and PAG, will also issue 9.7 million shares, and that the shares are all expected to sell at $5.19 to $5.90 each.
BW Pacific is said to be establishing a new office in Copenhagen, the third of three global offices, including Houston and Singapore.
Tina Resvbech, formerly of A/S Dampskibsselskabet TORM (Torm), will become the CEO of BW Pacific "as soon as possible and it is not expected to be later than 1 August 2016," it was stated in the IPO prospectus, which is dependant on her competition clause with Torm.
Carsten Mortensen, current CEO of BW Group, is reported to be continuing to serve as CEO in the interim.
In October, the company announced its intentions to launch the IPO on the Oslo Børs in the fourth quarter of 2015.
