Shook Lin & Bok acted as Singapore counsel to Hafnia on an ordinary share offering that raised about USD300 million through accelerated bookbuilding.
Law.asia reported that Singaporean law firm Shook Lin & Bok advised Hafnia, one of the largest product and chemical tanker companies, on its ordinary share offering. The firm acted as Singapore counsel to Hafnia.
The offering raised about USD300 million denominated in Norwegian Krone through an accelerated bookbuilding process. Fearnley Securities and Pareto Securities managed it as joint global co-ordinators and joint bookrunners, with Arctic Securities and Clarksons Securities as joint bookrunners.
Hafnia said it intended to use the proceeds to strengthen its balance sheet following the acquisition of shares in TORM, a Danish shipping company that owns and operates product tankers. The funds will also support potential strategic opportunities and general corporate purposes.
Partners Teo Mae Shaan and Lim Ziwei led the team, with support from senior associate Andre Ong and associate Cheryl Lee. Shook Lin & Bok told Asia Business Law Journal it advised on all applicable aspects of Singapore law in relation to the offering, including the structuring, delivery of existing ordinary shares already listed on Euronext Oslo under a share lending agreement to facilitate delivery-versus-payment settlement, and the subsequent issuance of new shares.
The firm said the transaction involved co-ordination and compliance with the laws of multiple jurisdictions on an accelerated timeline, with the USD300 million raised to strengthen the company's balance sheet and to increase its ownership in TORM to 18.19% from 4.39%, as well as to fund potential strategic opportunities.
