Accel Frontline - Updates

Accel Frontline Ltd has informed about the communication submitted by its major shareholder, M/s Frontline Technologies Corporation (FTC) to Singapore Stock Exchange on December 05, 2007 regarding certain development, as follows :

Communication from Frontline Technologies Corporation Ltd :

"The Board of Directors of Frontline Technologies Corporation Ltd ("Company") wishes to announce that the Company has on December 05, 2007 entered into a conditional Sale and Purchase Agreement with Accel Frontline Ltd to purchase 2,025,810 equity shares ("Sale Shares"), representing 9% of the equity share capital of Accel Frontline Ltd ("Accel Frontline").

Following the completion of the acquisition Sale Shares, the shareholding of the
Company in the Company will increase from 42% to 51%. Completion of the proposed
acquisition is conditional inter alia on the scheme of arrangement as announced by the
Company on December 05, 2007 becoming effective.

The proposed acquisition will be funded by internal resources and is not expected to have any material financial impact on the Company for the financial year ending March 31, 2008. None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the acquisition."