Hong Kong’s Tung family has become the newest shareholder of New York-listed LNG carrier operator GasLog.
GasLog announced that it has sold 14.4m common shares at a price of $2.50 per share through a private placement, raising $36m. Around 75% of shares issued were purchased by GasLog’s directors and affiliates, including 6.5m shares purchased by Livanos vehicle Blenheim Holdings, and 4m shares purchased by a wholly owned affiliate of the Onassis Foundation.
Additionally, members of the Tung family also purchased common shares in the private placement. The Tung family has been involved in shipping for over 70 years. In 2018, the family sold the containerline OOCL to China’s Cosco Shipping Group, and is still actively involved in shipowning via Island Navigation.
GasLog is using the proceeds of the placement to increase liquidity and further strengthen the capital structure of the company.
“I’m delighted that our two major shareholders have provided this level of support to the company at this time – they have been a constant source of support since the IPO in 2012. I’m also pleased to welcome the Tung family, with their long maritime history and roots in Asia, as shareholders. We look forward to working with them to deliver the value inherent in the GasLog fleet and our leading operating and commercial platform,” said Paul Wogan, CEO of GasLog.