ShippingWatch

Avance Gas aiming for Oslo IPO

The Norwegian gas alliance between Stolt-Nielsen, Sungas Holdings and Frontline 2012 - Avance Gas - is now aiming for an IPO on the Oslo Stock Exchange. A platform for further growth, says the company's Chairman.

Photo: PR/BW Group

The large-scale gas collaboration between Stolt-Nielsen, Sungas Holdings and, most recently, Frontline 2012 - Avance Gas, which operates VLGC's - is aiming for an IPO on the Oslo Stock Exchange. The company is currently awaiting the relevant approvals and expects to set a price in April.

"The board of Avance Gas sees strong opportunities within the LPG shipping segment and we believe the Company will benefit from a listing on the Oslo Stock Exchange as a platform for further growth. As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity," says Niels G. Stolt-Nielsen, Chairman of Avance Gas Holding Ltd., in a press release.

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