Hemen Holding to acquire Avance Gas for €351m.

Hemen Holding, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family, agreed to acquire Avance Gas, a VLGC ship-owner and operator, for €351m. As of the date hereof, Hemen holds 25m shares in Avance Gas, equalling 32.78% of the shares and votes in Avance Gas. In addition, Frontline, a company in which Hemen holds approximately 40.0% of the shares, owns a total of 442k shares in Avance Gas, resulting in an aggregate holding of 26k shares equalling 33.35% of the shares and votes in Avance Gas.