Accept exit offer for Chemoil: IFA

THE independent financial adviser (IFA) to the exit offer for Chemoil Energy has advised its independent directors to recommend that shareholders accept the offer.

A subsidiary of Glencore Xstrata - the fourth-largest diversified mining firm globally - is seeking to take the mainboard-listed firm private at US$0.40 a share.

Singfuel Investment, a holding company, already owns 89.2 per cent of Hong Kong-incorporated Chemoil. This represents a 29 per cent premium over the last transacted price of US$0.31 on Feb 20 this year.