Chemoil Energy's free float falls below 10% threshold which may trigger trading halt

The public free float of delisting target Chemoil Energy has fallen to below the threshold that could lead to a trading suspension in the shares.

Under the listing rules, the Singapore Exchange may suspend trading of shares once the percentage of shares in the hands of the public falls below 10 per cent.

As of April 2, controlling shareholder Glencore has amassed a stake of 90.05 per cent.

The global resource giant has made an exit offer of 40 US cents a share to acquire all Chemoil shares it does not already own.

Chemoil will make an announcement in due course on the expected date for the suspension of trading of shares.