HAFNIA LIMITED: Results of Scheme Meeting Held Regarding the Redomiciliation to Singapore

Rhea-AI Summary

Hafnia (OSE: HAFNI, NYSE: HAFN) held a Scheme Meeting on 11 September 2024, where shareholders approved a scheme of arrangement for the company's redomiciliation from Bermuda to Singapore. The next step is a Sanction Hearing on 19 September 2024, where the Supreme Court of Bermuda will be petitioned to sanction the Scheme. If approved, the redomiciliation is expected to take effect around 1 October 2024, subject to final approvals and conditions.

Hafnia, part of the BW Group, is a leading tanker owner with a fleet of about 200 vessels. The company transports oil, oil products, and chemicals for major companies globally, offering integrated shipping services including technical management, commercial services, and bunker procurement.

Positive

• Shareholders approved the redomiciliation scheme, indicating support for the company's strategic move
• Redomiciliation to Singapore may offer potential tax or regulatory benefits
• Hafnia's position as a leading tanker owner with a fleet of about 200 vessels demonstrates strong market presence

Negative

• The redomiciliation process involves multiple regulatory steps and approvals, which could potentially cause delays or complications

Insights

Legal Expert

The approval of the Scheme by Hafnia's shareholders marks a significant step in the company's redomiciliation process from Bermuda to Singapore. This move has several potential implications:

• Regulatory Environment: Singapore's robust financial regulatory framework may offer enhanced transparency and investor protection.
• Tax Considerations: The shift could potentially impact Hafnia's tax structure, possibly leading to more favorable conditions given Singapore's competitive corporate tax rates.
• Market Perception: Redomiciliation to a major maritime hub like Singapore could enhance Hafnia's global standing and attract a broader investor base.

However, the process is not yet complete. The upcoming Sanction Hearing on September 19, 2024, is crucial. If approved, the Scheme will become binding once filed with Bermuda's Registrar of Companies. Investors should closely monitor this final step and any potential regulatory hurdles in Singapore.

Financial Analyst

Hafnia's redomiciliation, while not directly impacting immediate financials, could have long-term strategic benefits:

• Capital Markets Access: Singapore's well-developed capital markets might provide Hafnia with improved access to funding and potentially lower cost of capital.
• Operational Efficiency: Consolidating operations in a major shipping hub could streamline business processes and potentially reduce administrative costs.
• Shareholder Value: The move might attract institutional investors more familiar with Singapore-listed entities, potentially improving liquidity and valuation.

However, investors should be aware of potential short-term costs associated with the redomiciliation process. The expected effective date of October 1, 2024, suggests a swift transition, which could minimize disruption to operations. Overall, this strategic move appears neutral to mildly positive for Hafnia's financial outlook.

SINGAPORE--(BUSINESS WIRE)-- Reference is made to the stock exchange announcement made by Hafnia Limited (“Hafnia” or the “Company”, OSE ticker code: “HAFNI”, NYSE ticker code: “HAFN”) on 19 August 2024 regarding the notice of a court sanctioned meeting of shareholders of the Company (the “Scheme Meeting”) for eligible shareholders to vote on the scheme of arrangement (the "Scheme") between the Company and its shareholders pursuant to Section 99 of the Bermuda Companies Act 1981 as amended in order to effect a discontinuance of the Company from Bermuda and continuance to Singapore and adopt the constitution of the Company which will take effect upon continuance in Singapore (the "Redomiciliation").

The Scheme Meeting was held on 11 September 2024, with the Scheme being approved by the Company’s shareholders at the meeting.

There will be a subsequent court hearing on 19 September 2024 at 11:00 a.m. (Bermuda time) at which the Company shall petition the Supreme Court of Bermuda (the “Court”) to sanction the Scheme (the "Sanction Hearing"). If the Scheme is sanctioned by the Court, then the Scheme will become binding on the Company and its shareholders once a copy of the court order is filed with the Registrar of Companies in Bermuda.

Shareholders of the Company are entitled to appear at the Sanction Hearing. Shareholders who wish to appear in court are encouraged to adopt one of the procedures noted on page 16 of the Explanatory Statement of the Company in relation to the Scheme dated and published on BusinessWire and Newsweb 19 August 2024.

The Company expects that the Redomiciliation will come into effect on or around 1 October 2024, subject to the sanction by the Court, the filing of the court order, the final approval by the Singapore Accounting and Corporate Regulatory Authority and the satisfaction or waiver of all conditions to the Scheme as set out in the Scheme.

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 Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.

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/20240911898001/en/

For further information, please contact:

Mikael Skov

CEO Hafnia Limited

+65 8533 8900

Source: Hafnia Limited

FAQ

When did Hafnia (HAFN) hold its Scheme Meeting for redomiciliation?

Hafnia (HAFN) held its Scheme Meeting for redomiciliation on 11 September 2024.

What was the outcome of Hafnia's (HAFN) Scheme Meeting?

The Scheme Meeting resulted in shareholders approving the scheme of arrangement for Hafnia's redomiciliation from Bermuda to Singapore.

When is the expected effective date for Hafnia's (HAFN) redomiciliation to Singapore?

Hafnia (HAFN) expects the redomiciliation to come into effect on or around 1 October 2024, subject to court sanction and other approvals.

What is the next step in Hafnia's (HAFN) redomiciliation process?

The next step is a Sanction Hearing on 19 September 2024, where Hafnia will petition the Supreme Court of Bermuda to sanction the redomiciliation Scheme.