The deal was announced back in August 2019.
Under the terms of the contract, Frontline agreed to acquire a Trafigura Maritime Logistics special purpose vehicle that holds the vessels at a consideration of 16,035,856 ordinary shares of Frontline at an agreed price of USD 8.00 per share issuable upon signing, and a cash amount ranging from USD 538 to 547 million.
Following the closing of the deal, Trafigura will own 8.48% of the ordinary shares of the tanker owner, while Frontline will have a total of 189,153,166 outstanding shares par value USD 1.00 each.
The ten 2019-built Suezmax tankers are all fitted with exhaust gas cleaning systems.
The closure of the transaction comes 10 days after Frontline signed a sale-and-leaseback agreement worth USD 544 million with ICBC Financial Leasing.
The money will be used to finance the cash amount payable upon the closing of the vessel acquisition.
TURKISH MARITIME NEWS