Hafnia Limited Updates on Court Hearing for Redomiciliation

Hafnia Limited’s Court Hearing Outcome on Redomiciliation

Hafnia Limited, a notable player in the shipping industry, has recently made headlines with its successful court hearing regarding its redomiciliation to Singapore. This process involves the Supreme Court of Bermuda sanctioning a scheme of arrangement aimed at ensuring a seamless transition from Bermuda to Singapore, which is essential for the company's upcoming operational strategy.

Understanding the Court Hearing Process

The company announced this vital court hearing, commonly referred to as the "Sanction Hearing," where it sought the approval of the Supreme Court of Bermuda to facilitate its redomiciliation. This court hearing occurred on September 19, marking a significant step forward in the company's structural transformation. With the court's approval, Hafnia can continue to serve its shareholders while aligning its operations under a more favorable regulatory framework.

The Significance of the Scheme

The scheme approved by the Court is pivotal for Hafnia, allowing the company to transition its operations fully to Singapore. This transition not only helps in streamlining the company's governance but also aligns with international shipping standards, benefiting shareholders and stakeholders alike.

Next Steps Following Court Approval

After the court's sanction, Hafnia is set to file the court order with the Registrar of Companies in Bermuda soon. Once filed, the scheme becomes binding, signaling the company's commitment to completing the redomiciliation process smoothly. The official date for the redomiciliation is anticipated to be around October 1, allowing Hafnia to continue enhancing its operational capabilities.

New Trading Codes and Regulatory Compliance

Post-redomiciliation, Hafnia will receive a new company registration number along with a new ISIN code for trading on the Oslo Stock Exchange and a new CUSIP code for the New York Stock Exchange. Until these codes are assigned, changes in ISIN and CUSIP codes will not affect existing trading under the current ticker symbols “HAFNI” on the Oslo Stock Exchange and “HAFN” on the New York Stock Exchange.

The Implications of the Redomiciliation for Shareholders

Upon successful completion of the redomiciliation, Hafnia Limited will solidify its status as a public company in Singapore, subjecting itself to the Singapore Code on Take-overs and Mergers. Anticipating this change, Hafnia has strategically applied for a waiver from the general application of this code, intending to minimize compliance costs while ensuring robust protections for shareholders.

Benefits of the Waiver

The Singapore Securities Industry Council has approved Hafnia’s waiver request, resulting in the Singapore Takeover Code no longer applying to the company. This decision is viewed favorably by the Board, which believes it balances compliance with cost efficiency, thereby preserving shareholder value.

About Hafnia Limited

Founded as a leading tanker owner in the maritime industry, Hafnia Limited specializes in the transportation of oil, oil products, and chemicals, catering to major oil and chemical companies worldwide. Boasting a robust fleet of around 200 vessels, Hafnia provides an integrated platform that includes technical management, commercial services, and comprehensive chartering solutions.

With its global headquarters in Singapore and offices in key cities like Copenhagen, Houston, and Dubai, the company employs over 4000 dedicated professionals, both onshore and at sea. As part of the established BW Group, Hafnia continues to thrive in oil and gas transportation, alongside innovative infrastructure solutions for the energy sector for over eight decades.

Frequently Asked Questions

What is the main goal of Hafnia's redomiciliation?

The primary goal is to transition the company to Singapore for enhanced operations and compliance with favorable regulations.

How will the company's stock trading be affected?

Hafnia’s shares will continue trading under the ticker symbols “HAFNI” and “HAFN” throughout the transition, with new trading codes coming into effect post-redomiciliation.

What benefits does the waiver bring to shareholders?

The waiver alleviates the additional compliance costs associated with the Singapore Takeover Code while still protecting shareholder interests.

When is the scheduled completion of the redomiciliation?

The redomiciliation is expected to be completed around October 1, pending final regulatory approvals.

Who is Hafnia Limited's parent company?

Hafnia is part of the BW Group, a reputable entity engaged in various sectors of oil and gas transport and related services.

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