In a Shareholders Meeting in Hamilton, Bermuda, Frontline Ltd. today increased its authorised share capital from USD 133,562,500 to USD 220,000,000 by the creation of 86,437,500 ordinary shares of par value USD 1.- each.
The Shareholders Meeting authorised the Board of Directors of the Company to issue the balance of the authorised but unissued shares. It is contemplated that the shares will be issued by the Board primarily in connection with the equity financing of the current bid placed by the Company for the shares of ICB.
Oslo, September 25, 1997 Frontline Management AS
Contact person: Tom E. Jebsen, CFO, +47-23-11-40-00