Frontline Ltd., an owner and operator of oil tankers and carriers, said Thursday that shareholders not entitled to shares of stock in its subsidiary Independent Tankers Corp. will receive 34 cents per share of Frontline stock they own.
In February, Frontline said certain shareholders would receive one share of Independent Tankers for every five shares of Frontline they own. Those new shares began trading over the counter in Oslo, Norway.
Based initial trading of Independent Tankers shares in Oslo, Frontline shareholders not entitled to actual shares of Independent Tankers will receive 34 cents per share of Frontline.
The 34-cents-per-share dividend will be paid around March 26.
Shares of Frontline rose $1.44, or 3.4 percent, to $44.42 in afternoon trading.
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