John Fredriksen’s Frontline has completed the transfer of corporate domicile from Bermuda to Cyprus.
Shareholders approved the move on December 20, which recently became effective with a temporary redomiciliation certificate issued by companies’ registrar in Cyprus.
The move was one of the contitional steps toward combining with Belgium-based tanker firm Euronav.
The new Cyprus-based Frontline plc is expected to make a voluntary conditional exchange offer for all outstanding shares of Euronav at an exchange ratio of 1.45 Frontline shares for 1 Euronav share.
Belgium’s Saverys family, which controls around 25% of Euronav, has repeatedly opposed the transaction, describing it as “unworkable and value-destructive”.
