Oslo-listed product tanker unit of BW Group, Hafnia, has proposed to increase its authorised share capital by an additional 25%.

In a letter to the shareholders, BW Group chairman Andreas Sohmen-Pao asked to up the share capital from $6m to $7.5m by the creation of an additional 150,000,000 common shares of par value $0.01 each equally ranked with the existing shares of the company, closing yesterday at around $3.14.

The company’s current share capital is divided into 600m common shares of par value $0.01 each, of which close to 500m common shares have been issued.

Sohmen-Pao wrote that the move would provide Hafnia with a “greater degree of flexibility in structuring transactions and would allow it to issue new shares in connection with fund raising opportunities as and when they arise.”

Hafnia commercially operates a fleet of 252 vessels, including newbuilds, of which 146 are owned or chartered-in. The company reported a net profit of $21.3m for Q1 2022, with earnings per share of $0.05.

Source: https://splash247.com/hafnia-moves-to-up-share-capital-to-fund-growth/