BW Group’s subsidiary BW Euroholdings Limited has purchased 6 million shares in New York Stock Exchange-listed Dorian LPG Ltd, constituting approximately 10.2% of the total number of shares outstanding in Dorian, at USD 15.34 per share (USD 92 million in total).
BW Euroholdings Limited has granted to BW LPG Limited an option to purchase the 6 million Dorian shares at the same price, which must be exercised by BW LPG Limited no later than 27 August 2015.
Dorian shares, which are owned by Scorpio Tankers Inc., are expected to be delivered to BW Euroholdings Limited on or around July 22, 2015.
Until the mentioned transaction closes, the Scorpio Tankers owns approximately 16% of Dorian LPG Ltd.
Gas carrier owner BW LPG owns and operates 38 gas carriers with a total carrying capacity of close to 3 million cbm and a further 672,000 cbm of capacity on order in Korea.