Frontline Ltd., one of the world’s largest tanker companies, has requested the UK Listing Authority (UKLA) to delist the company from the London Stock Exchange. The John Fredriksen-controlled company has requested that all of its ordinary shares of USD1 listed on the standard listing segment of the UKLA’s official to be canceled.
The delisting will be effective on November 2. Frontline believes that the limited liquidity of ordinary shares as well as the administrative costs of maintaining its listing on the official list are disproportionate to the benefits.
Frontline was founded in 1985 and business magnate John Fredriksen became the company’s largest shareholder in 1996. Fredriksen moved the company’s base of operations from Sweden to Hamilton, Bermuda shortly after his takeover. Under Fredriksen, Frontline absorbed London and Overseas Freighters, ICB and Golden Ocean, making it arguably the world’s largest tanker company.
October 30 will be the last day Frontline’s ordinary shares will be dealt on the main market.