Tanker company TORM has announced its plan to list its shares on the NASDAQ Stock Market in New York, which TORM expects to complete before the end of 2017.
TORM plc said Wednesday that would file a registration statement with the U.S. Securities and Exchange Commission later today in connection with its direct share listing on the Nasdaq. TORM’s shares are already listed on the Nasdaq Copenhagen.
“The purpose of a dual listing is to provide our investors with the ability to trade their Class A common shares on a USD-denominated exchange and to improve the liquidity in TORM’s Class A common shares over time,” TORM said in a statement. “TORM believes that a dual listing will attract further investor interest and provide stronger visibility towards an international investor community, which will strengthen TORM’s strategic and financial flexibility. No new TORM securities will be issued in connection with the direct share listing on Nasdaq New York.”
Following the listing, TORM’s shares will be listed for trading on both Nasdaq Copenhagen under the symbol “TRMD A” and Nasdaq New York under the symbol “TRMD”.
“In 2016, we took the first step towards a US listing when we implemented the Corporate Reorganization and established TORM plc. A US listing is the natural next step for TORM. We remain committed to expanding our investor footprint in the US, and the dual-listing underlines this ambition,” says Executive Director Jacob Meldgaard.
Founded in 1889, TORM is pure play tanker company and a leading carrier of refined oil products such as gasoline, jet fuel, naphta and diesel oil. The company operates a fleet of 77 modern product tankers ranging in size from 35,000 to 110,000 dwt.