Avance Gas Holding Ltd ("Avance Gas" or "Company") refers to the announcement on August 15, 2024, regarding the sale of its VLGC fleet, consisting of twelve vessels, to BW LPG Ltd ("BW LPG" or "Buyer").
Avance Gas announces today the tenth VLGC delivery, the 2015-built scrubber-fitted vessel, Breeze. In connection with the delivery, 1.35 million shares in BW LPG were issued by the Buyer to Avance Gas. Additionally, the Company also received net cash proceeds of approximately $21.5 million after repayment of outstanding debt. Following the delivery, Avance Gas owns 15.791 million shares in BW LPG corresponding to a 10.14% ownership share.
The two remaining vessels are scheduled for delivery to BW LPG by year-end, with press releases to be issued upon completion.
