Major Tanker Company Redomiciled From Bermuda To Cyprus

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Credits: Chris Pagan/ Unsplash
  • The redomiciliation of a major tanker company from Bermuda to Cyprus is effective.
  • The company, which is engaged primarily in the ownership and operation of oil tankers and product tankers, was formerly named Frontline Ltd and based in Bermuda.

A recent news article published in the Royalgazette states that Frontline completes move to Cyprus.

Shareholders gave their approval for the redomiciliation

Shareholders gave their approval for the redomiciliation on December 20 – and now the company has announced that the Registrar of Companies and Official Receiver of the Republic of Cyprus has issued a temporary redomiciliation certificate, and the redomiciliation has therefore taken effect.

Frontline Ltd discontinued its existence as Frontline Ltd as provided under sections 132G and 132H of the Companies Act 1981 of Bermuda, and, pursuant to sections 354(B)-(H) of Cap. 113 of the statutes of the Republic of Cyprus, continued its existence as Frontline plc.

The business, assets and liabilities of Frontline Ltd

The business, assets and liabilities of Frontline Ltd and its subsidiaries prior to the redomiciliation are the same as Frontline plc immediately after the redomiciliation on a consolidated basis, as well as its fiscal year.

In addition, the directors and executive officers of Frontline plc immediately after the redomiciliation are the same individuals who were directors and executive officers, respectively, of Frontline Ltd immediately prior to the redomiciliation.

Prior to the redomiciliation, Frontline Ltd’s ordinary shares were listed on the New York Stock Exchange and Oslo Stock Exchange under the symbol “FRO”.

Upon effectiveness of the redomiciliation, the company’s ordinary shares continue to be listed on the NYSE and OSE and are expected to commence trading under the new name Frontline plc on the NYSE on or about January 3 and on the OSE on or about January 9.

 

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Source: Royal Gazette

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