BW Group Buys Dorian Stake
By Aiswarya Lakshmi
Monday, July 20, 2015
Scorpio Tankers Inc has agreed to sell its 6 million common shares of Dorian LPG Ltd to BW Euroholdings Limited, a wholly owned subsidiary of BW Group Limited, for a purchase price of $15.34 per share.
The shares will be sold pursuant to an effective resale registration statement filed by Dorian LPG on July 8, 2015, and are expected to be delivered to BW Euroholdings Limited on or around July 22, 2015.
Following the sale, the Scorpio will continue to own 3,392,083 shares of Dorian's common stock, which is approximately 5.8% of Dorian.
Scorpio Tankers, a provider of marine transportation of petroleum products worldwide, currently owns 76 tankers (16 LR2 tankers, 15 Handymax tankers, and 45 MR tankers) with an average age of 0.9 years, time charters-in 17 product tankers (four LR2, four LR1, four MR and five Handymax tankers), and has contracted for eight newbuilding product tankers (one MR and seven LR2), four of which are expected to be delivered in the third quarter of 2015 and the remaining four vessels throughout 2016.