Frontline to price private placement of shares

By Devika Patel

Knoxville, Tenn., June 25 - Frontline Ltd. said it plans to conduct a private placement of shares.

The company may sell up to 3 million shares, but has definite commitments for 2.3 million shares from investor Hemen Holding Ltd.

The proceeds will be used to finance the company's planned acquisition of five double hull suezmax tankers.

The oil tanker shipping business is based in Oslo, Norway.

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