BW LPG (BWLP) said Wednesday that Avance Gas Holdings now owns nearly 11% of its outstanding stock after issuing about 1.4 million common shares after taking delivery of the BW Monsoon liquefied petroleum gas vessel from Avance this week.
Overall, BW LPS has received 11 of the 12 Very Large Gas Carriers from Avance as laid out in the companies' $1.05 billion purchase agreement disclosed in August.
Once complete, Avance will own 12.8% of BW LPG's stock after receiving 19.3 million shares as well as $585.4 million in cash and $132 million in debt.
Shares of BW LPG were up more than 1% in recent trading activity.
Price: 10.43, Change: +0.19, Percent Change: +1.86
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