(MENAFN- ProactiveInvestors)
( OTC ADR:LNGLY) is planning a dual listing in the U.S. and has reviewed options submitted by five investment banks.
Its board advised the company will likely list on an appropriate U.S. exchange near the time of commencement of full construction of the Magnolia LNG project in Louisiana.
The company’s American Depositary Receipts (ADRs) are already traded on the OTC International platform in the United States (US) under the symbol LNGLY and a dual listing is the logical next step.
No decision has been made on the exact timing of the U.S. listing nor the size or format of any capital raising to be undertaken in connection with the U.S. listing.
Following the dual listing the company will consider further options to unlock value for all shareholders at the North American asset or project level.
LNG Ltd has hit a new milestone with KBR and SKEC finalising the Engineering Procurement and Construction joint venture agreement for the Magnolia LNG project.
The agreement calls for KBR to provide a project director and for SKEC to provide the deputy project director for the 70/30 joint venture that will deliver the 8 million tonne per annum LNG project.
Magnolia LNG remains on schedule for Financial Close in mid-2015 and first LNG in the fourth quarter of 2018.
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