Avance Gas Holding Ltd. («Avance Gas» or «Company») refers to the announcement on August 15, 2024, regarding the sale of its VLGC fleet to BW LPG Ltd ("BW LPG" or "Buyer") for $1,050 million.
Today Avance Gas announces the fifth VLGC delivery, the 2015-built scrubber-fitted vessel, Avance Levant. In connection with the delivery, 1.35 million shares in BW LPG were issued by the Buyer to Avance Gas. The ship mortgage has been repaid and Avance Gas expects to receive net cash proceeds of $21 million. Following the delivery, Avance Gas owns 7.5 million shares in BW LPG corresponding to a 5.1% ownership share. These consideration shares have a lock-up period of 40 days from the issuance date as previously announced.
The seven remaining vessels are scheduled for delivery to BW LPG in December 2024. Avance Gas will issue regular press releases in connection with the remaining deliveries.
