Chemoil shares heading for trading suspension

SINGAPORE Exchange (SGX) may suspend the trading of shares in Chemoil Energy now that its public float has fallen below the required 10 per cent to stay listed.

The marine fuel supplier said this yesterday following an announcement on Wednesday by Singfuel Investment, an indirect subsidiary of Glencore Xstrata, that it had garnered a stake of 90.05 per cent in Chemoil, meaning only 9.95 per cent is now in public hands.

Chemoil said an announcement on the expected date for the trading suspension would be made in due course.