HAFNIA LIMITED: Result of Subsequent Court Hearing Regarding the Redomiciliation to Singapore
Hafnia (OSE: HAFNI, NYSE: HAFN) announced that on 19 September 2024, the Supreme Court of Bermuda sanctioned the scheme of arrangement for the company's redomiciliation from Bermuda to Singapore. The redomiciliation is expected to take effect around 1 October 2024, subject to conditions. Trading under new ISIN and CUSIP codes is anticipated to start around 7 October 2024. Hafnia will remain listed on the Oslo Stock Exchange and New York Stock Exchange under the same tickers.
The Singapore Securities Industry Council has granted Hafnia a waiver from the Singapore Code on Take-overs and Mergers. Post-redomiciliation, Hafnia will be subject to Norwegian and U.S. securities regulations, as well as the Singapore Companies Act 1967. The Board believes this waiver benefits shareholders by avoiding additional compliance costs.
Hafnia (OSE: HAFNI, NYSE: HAFN) ha annunciato che il 19 settembre 2024, la Corte Suprema delle Bermuda ha approvato il piano di riorganizzazione per la redomiciliazione dell'azienda dalle Bermuda a Singapore. Si prevede che la redomiciliazione avrà effetto intorno al 1° ottobre 2024, soggetta a condizioni. Il trading con i nuovi codici ISIN e CUSIP è previsto per iniziare intorno al 7 ottobre 2024. Hafnia rimarrà quotata sulla Borsa di Oslo e sulla Borsa di New York con gli stessi ticker.
Il Consiglio dell'Industria dei Titoli di Singapore ha concesso a Hafnia una deroga dal Codice di Singapore sulle OPA. Dopo la redomiciliazione, Hafnia sarà soggetta alle normative sui titoli norvegesi e statunitensi, nonché alla Legge sulle Società di Singapore del 1967. Il Consiglio crede che questa deroga sia vantaggiosa per gli azionisti evitando costi aggiuntivi di conformità.
Hafnia (OSE: HAFNI, NYSE: HAFN) anunció que el 19 de septiembre de 2024, la Corte Suprema de Bermudas sancionó el esquema de arreglo para la redomiciliación de la empresa de Bermudas a Singapur. Se espera que la redomiciliación entre en vigor alrededor del 1 de octubre de 2024, sujeto a condiciones. Se anticipa que el comercio bajo nuevos códigos ISIN y CUSIP comenzará alrededor del 7 de octubre de 2024. Hafnia seguirá cotizando en la Bolsa de Oslo y en la Bolsa de Nueva York con los mismos tickers.
El Consejo de la Industria de Valores de Singapur ha concedido a Hafnia una exención del Código de Singapur sobre Ofertas Públicas de Adquisición. Tras la redomiciliación, Hafnia estará sujeta a las regulaciones de valores noruegas y estadounidenses, así como a la Ley de Sociedades de Singapur de 1967. La Junta cree que esta exención beneficia a los accionistas al evitar costos adicionales de cumplimiento.
하프니아 (OSE: HAFNI, NYSE: HAFN)는 2024년 9월 19일, 베미다의 대법원이 회사를 베미다에서 싱가포르로 이전하는 정리 계획을 승인했다고 발표했습니다. 이 이전은 조건에 따라 2024년 10월 1일 경에 효력을 발휘할 것으로 예상됩니다. 새로운 ISIN 및 CUSIP 코드에 따른 거래는 2024년 10월 7일 경에 시작될 것으로 예상됩니다. 하프니아는 오슬로 증권 거래소와 뉴욕 증권 거래소에서 동일한 티커로 계속 상장될 것입니다.
싱가포르 증권 산업 위원회는 하프니아에게 싱가포르의 인수 및 합병 규정 면제를 부여했습니다. 이전 후 하프니아는 노르웨이 및 미국 증권 규정과 1967년 싱가포르 회사법의 적용을 받게 됩니다. 이 위원회는 이 면제가 추가적인 준수 비용을 피함으로써 주주에게 혜택을 준다고 믿고 있습니다.
Hafnia (OSE: HAFNI, NYSE: HAFN) a annoncé que le 19 septembre 2024, la Cour Suprême des Bermudes a sanctifié le plan d'arrangement pour la redomiciliation de l'entreprise des Bermudes vers Singapour. La redomiciliation devrait entrer en vigueur autour du 1er octobre 2024, sous réserve de conditions. Le trading sous de nouveaux codes ISIN et CUSIP devrait commencer vers le 7 octobre 2024. Hafnia restera cotée à la Bourse d'Oslo et à la Bourse de New York sous les mêmes tickers.
Le Singapore Securities Industry Council a accordé à Hafnia une dérogation au Singapore Code on Take-overs and Mergers. Après la redomiciliation, Hafnia sera soumise aux réglementations sur les valeurs mobilières norvégiennes et américaines, ainsi qu'à la loi sur les sociétés de Singapour de 1967. Le Conseil estime que cette dérogation bénéficie aux actionnaires en évitant des coûts de conformité supplémentaires.
Hafnia (OSE: HAFNI, NYSE: HAFN) hat am 19. September 2024 bekannt gegeben, dass der Oberste Gerichtshof von Bermuda den Umstellungsplan für die Redomizilierung des Unternehmens von Bermuda nach Singapur genehmigt hat. Die Redomizilierung soll voraussichtlich am 1. Oktober 2024 in Kraft treten, vorbehaltlich bestimmter Bedingungen. Der Handel unter neuen ISIN- und CUSIP-Codes wird voraussichtlich am 7. Oktober 2024 beginnen. Hafnia bleibt unter den gleichen Tickers an der Osloer Börse und der New Yorker Börse gelistet.
Der Singapore Securities Industry Council hat Hafnia eine Ausnahmegenehmigung vom Singapore Code on Take-overs and Mergers erteilt. Nach der Redomizilierung wird Hafnia den norwegischen und US-amerikanischen Wertpapiergesetzen sowie dem Singapore Companies Act von 1967 unterliegen. Der Vorstand ist der Meinung, dass diese Ausnahme den Aktionären zugute kommt, indem zusätzliche Compliance-Kosten vermieden werden.
- Court approval for redomiciliation to Singapore, potentially offering strategic benefits
- Continued listing on Oslo Stock Exchange and New York Stock Exchange, maintaining market presence
- Waiver from Singapore Takeover Code, potentially reducing compliance costs
- Potential short-term trading disruption due to ISIN and CUSIP code changes
- Regulatory changes may impact shareholder rights and protections
Insights
The court's sanction of Hafnia's redomiciliation scheme marks a significant corporate restructuring. This move from Bermuda to Singapore could have substantial implications for shareholders and the company's governance structure. Key points to consider:
- The waiver from the Singapore Takeover Code is noteworthy. While it reduces regulatory burden, it also removes certain shareholder protections.
- The company will now be subject to multiple regulatory frameworks, including Norwegian, U.S. and Singaporean laws. This complex regulatory environment may present both challenges and opportunities.
- The change in ISIN and CUSIP codes is a technical necessity but shouldn't materially affect trading. However, investors should be aware of potential short-term liquidity impacts during the transition.
Overall, while the redomiciliation offers potential benefits, shareholders should carefully review the new regulatory landscape and its implications for their rights and the company's operations.
Hafnia's redomiciliation to Singapore is a strategic move that could yield financial benefits. Key financial implications include:
- Potential tax advantages: Singapore's favorable corporate tax regime could lead to improved after-tax profits.
- Access to capital: Singapore's status as a major financial hub might enhance Hafnia's ability to raise capital and secure financing.
- Operational efficiency: Consolidating operations in Singapore, a major shipping center, could lead to cost savings and improved logistics.
However, the transition costs and potential short-term market disruptions due to ISIN and CUSIP changes should be monitored. Investors should also consider the long-term strategic benefits against any immediate expenses or complications from this corporate restructuring.
A copy of the court order is expected to be filed with the Registrar of Companies in
The Company expects that the Redomiciliation will come into effect on or around 1 October 2024, subject to the filing of the court order and the satisfaction or waiver of all conditions to the Scheme as set out in the Scheme.
The Company will have a new company registration number and the Company's shares will be registered under a new ISIN code for trading on the Oslo Stock Exchange and a new CUSIP code for the trading on the New York Stock Exchange due to the Redomiciliation. Hafnia has not yet received both a new ISIN and CUSIP code, but it is anticipated that trading will start under the new ISIN and CUSIP codes on or around 7 October 2024, subject to the completion of the Redomiciliation and the Depository Trust Company (the "DTC") approving the eligibility of the new CUSIP.
The Company’s common shares will remain trading on the Oslo Stock Exchange under the ticker “HAFNI” and the New York Stock Exchange under the ticker “HAFN” during the process of change of ISIN and CUSIP codes.
Upon completion of the Redomiciliation, the Company will become a public company registered in
Having considered the Company’s application, the SIC has granted the Waiver to the Company. Following the Redomiciliation, the Singapore Takeover Code will not apply to the Company.
The Board believes that the Waiver is in the interest of shareholders as a whole, given that there are sufficient protections available to shareholders. Upon completion of the Redomiciliation, the Company and shareholders will be covered under, amongst others, the Norwegian Securities Trading Act, the Norwegian Securities Trading Regulation, the Norwegian Corporate Governance Code, rules applicable to the regulated markets operated by Oslo Børs ASA, the
About Hafnia Limited:
Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.
As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in
Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240919549632/en/
For further information, please contact:
Mikael Skov
CEO Hafnia Limited
+65 8533 8900
Source: Hafnia Limited
FAQ
When will Hafnia 's (HAFN) redomiciliation to Singapore take effect?
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