SINGAPORE–( BUSINESS WIRE )– Reference to the stock exchange announcement made by Hafnia Limited (“Hafnia” or the “Company”, OSE code: “HAFNI”, NYSE code: “HAFN”) on November 27, 2024. regarding the financial report for the third quarter of 2024. and resolutions of the Board to authorize management to initiate a share repurchase program of up to US$100 million (the “Authorization”), effective December 2, 2024. until January 27, 2025. depending on market conditions.
As part of the authorization, the Company announces that it has entered into an agreement with Pareto Securities AS and its subsidiary Pareto Securities Inc. (collectively, “Pareto”) to repurchase the Company’s shares in open market transactions on the OSE and NYSE. Pareto will make its own trading decisions regarding the timing of purchases independent of the company.
In order to comply with the European Market Abuse Regulation, the Company provides the following required information: (i) The Company may repurchase up to 18,000,000 shares for a total of up to $100,000,000 between December 2, 2024. and not later. than January 27, 2025, and (ii) the purpose of the repurchase program is to reduce the number of shares of the Company outstanding and to provide returns to the Company’s stockholders.
The repurchase through open market transactions on the NYSE will be conducted in accordance with US securities laws and regulations, including compliance with the safe harbor provided by Rule 10b-18 promulgated by the US Securities and Exchange Commission under the US Exchange Act securities of 1934 with amendments. The actual timing, number and value of shares repurchased under the repurchase program will depend on several factors, including the manner, timing and volume limitations set forth in Rule 10b-18, price, general business and market conditions and alternative investment options. opportunities.
The Company cannot predict how many shares, if any, will be repurchased or the timing of repurchases or the price that will be paid for any shares repurchased under the program.
The amount used for the buyback program will be calculated before future dividends are declared. This ensures that the total amount of dividends and share buybacks is in line with the company’s payout ratio in accordance with its dividend policy, reflecting the company’s commitment to shareholder value, as well as providing strategic flexibility.
The Company reserves the right to make subsequent changes to the above program terms, including shortening, extending and/or replacing the program with buybacks through private purchases, block deals, tender offers, accelerated share repurchase transactions or other derivative transactions through the purchase of call options or selling put options, or otherwise, or any combination of the above.
This information is subject to disclosure requirements under sections 5-12 of the Norwegian Securities Trading Act and Article 5 of the European Market Abuse Regulation.
About Hafnia Limited:
Hafnia is one of the world’s leading tanker owners, transporting oil, petroleum products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.
As owners and operators of approximately 200 vessels, we offer a fully integrated shipping platform including technical management, commercial and freight services, pool management and a large-scale bunker procurement service. Hafnia has offices in Singapore, Copenhagen, Houston and Dubai, and currently employs more than 4,000 people on land and at sea.
Hafnia is part of the BW Group, an international shipping group with more than 80 years of experience in oil and gas transportation, floating gas infrastructure, environmental technologies and deepwater production.
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For more information:
Mikael Skov
CEO of Hafnia Limited
+65 8533 8900
Source: Hafnia Limited
