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Thu 25 Jun 2009 07:37

Chemoil founder's family in stake sale talks


CEO says majority shareholders are in discussions with various parties. Glencore tipped.

The family of Chemoil Energy's founder Robert Chandran is reported to be in talks to sell its 51 percent interest in the bunker supply firm with trading giant Glencore being tipped to win the majority stake said to be worth around US$240 million.

In a statement to the stock exchange, Chemoil Chief Executive Officer Clyde Michael Bandy said "The company has been informed that the majority shareholder is currently in discussions with various parties involving a possible sale of some or all of its shares in the company."

"However, the company has been informed by the majority shareholder that, at this juncture, the discussions may or may not materialise into something definitive."

The company did not reveal who the majority shareholders were in discussions with, but added it "will keep the market informed if it becomes aware of any significant development in this regards".

Chemoil’s Singapore-listed shares rose 20 per cent on news of the talks.

A majority shareholding in Chemoil would provide Glencore with a valuable marine fuels business in a number of key locations including the United States, Fujairah, Singapore and India.

The company would also benefit from Chemoil's fuel storage facility network, which includes the Batangas terminal in the Philippines; Chemoil's flagship Helios Terminal on Jurong Island, Singapore and the GPS-Chemoil terminal in Fujairah.

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