Singapore: Marine fuel trader Chemoil Energy leapt as much as 18% to a one-year high of S$0.4 on the Singapore Exchange, after the company announced that a Glencore Xstrata subsidiary, which already owns 89% stake, planned to take the company private. Chemoil has cut down in size in the past 18 months, offloading both staff and its storage terminal in Singapore.
Chemoil has been listed in Singapore since 2006. Chemoil was originally founded by Indian national Robert Chandran in California in 1981. When Chandran died from a helicopter crash in 2008, the company changed dramatically with Glencore eventually becoming the major shareholder two years later. [26/02/14]