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Marine fuel supplier Chemoil Energy seeks voluntary delisting from SGX mainboard

Published on Feb 25, 2014 7:04 PM

The directors of mainboard-listed Chemoil Energy proposed a voluntary delisting of the marine oil supplier on Tuesday.

Singfuel Investment, an indirect subsidiary of Glencore Xstrata, has made a cash exit offer of 40 US cents (50.6 cents) apiece to acquire the ordinary shares held by existing Chemoil shareholders.

It will also be extended to buy back new shares issued from a 2006 share option scheme that are made before the close of the exit offer.

Singfuel Investment's offer is a 29 per cent premium from its last full trading price on Feb 20 at 31 US cents. Chemoil had called for a trading halt the next day, pending an announcement.

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