Singapore-based BW Group has increased its stake in gas carrier owner Epic Gas to 82.58% with the completion of its voluntary unconditional offer.
On April 16, BW Group received acceptances for 9.69 million shares, corresponding to around 13.7% of the outstanding shares and voting rights in the company. Under the offer , BW Group has received acceptances for a total of 27.88% of shares and voting rights or 19.64 million shares.
Together with the 38.54 million shares BW Group already owned, it now owns and holds the rights to a total of 58.19 million shares, representing 82.58% of the outstanding shares in Epic Gas.
Epic Gas will maintain its listing on Merkur Market and will continue to operate independently from BW Group.
“We are pleased to have the continued support from those shareholders that elected to remain and see this as an endorsement of our strategy to further expand our leading position in the pressurised LPG sector. The world needs LPG and we have a strong global platform, focused on the delivery of high quality, safe, long-term solutions for our customers,” Charles Maltby, Chairman and Chief Executive Officer of Epic Gas, said.