The Singapore-listed bunker supplier said it has obtained confirmation from the Singapore Exchange for the company's shares to be suspended from trading at 0900 hrs Singapore time on 5 May 2014.
“The company will make an announcement on the definitive date for the delisting in due course after the close of the exit offer,” Chemoil said. The closing date of the exit offer to shareholders has been extended until 9 May from 29 April. As of the close of trading on 21 April the total shareholding either owned by Glencore, plus valid acceptances of the exit offer amounted to 97.1%.
Prior to making the offer Glencore owned 89.2% of Chemoil through its subsidiary Singfuel Investments. The company made an exit offer of $0.40 per share, a 32% premium over the three-month weighted average trading price from when the offer was announced on 20 February.
Chemoil and its majority shareholder Glencore filed for voluntary delisting from Singapore believing that the move would reduce expenses and offer more flexibility in developing business opportunities.
Chemoil was listed in Singapore in 2007 before Glencore stepped in to become a majority owner of the company in 2010.
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