Singapore: Trading of shares in Chemoil Energy will cease on May 2. The bunker supplier said in a regulatory filing that the Singapore Exchange had given the green light to its application to suspend trading.
The announcement comes after shareholders voted at an extraordinary general meeting held on April 15 to delist the company.
Singfuel Investment, a wholly owned unit of controlling shareholder Glencore Xstrata, had offered in February to acquire all Chemoil shares it does not already own in a bid to take the company private.
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. [22/04/14]