Stocks to watch: China Aviation Oil, Geo Energy

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Jan 9):

China Aviation Oil (CAO) : Its parent China National Aviation Fuel (CNAF) will merge with Chinese state-owned oil and gas enterprise Sinopec, the group’s board said on Thursday. If the merger goes through, Sinopec is expected to absorb all of CNAF’s assets and operations, reported Bloomberg. Shares of CAO closed flat at S$1.65 before the announcement.

Geo Energy Resources : The Indonesian coal producer announced its acquisition of majority stakes in two Indonesian shipping companies. This comes as resolutions related to its acquisition of 51 per cent stakes in Trans Maritim Pratam and Bahari Segara Maritim for a US$127.5 million consideration were passed at its November extraordinary general meeting. The counter closed flat on Thursday at S$0.41 before the news.