Tools: Save | Print | E-mail | Most Read
CAO Gets Approval for Restructuring
Adjust font size:

China Aviation Oil (Singapore) (CAO) received the approval it was seeking from shareholders on its restructuring plan, China Aviation Oil Holding Company (CAOHC) announced Friday.

Shares of CAO will resume trading in Singapore at the end of March, said CAOHC.

The meeting approved the plan which includes a US$130 million investment, the subscription of shares for creditors and the appointment of eight directors to the board of CAO.

The investment of US$130 million will come from CAOHC, BP Investment Asia Ltd. and Aranda Investments Private Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited Holdings, according to CAOHC.

Under the agreements signed by the four parts in last December, CAOHC will inject US$75.77 million, BP, US$44 million and Aranda, US$10.23 million, into CAO.

CAOHC, inclusive of its current shareholding, will end up with a majority stake of 51 percent post-structuring; BP a 20 percent stake; and Aranda, 4.65 percent stake.

This total investment of US$130 million amounts to approximately 59.1 percent of the enlarged share capital of CAO Singapore, following the completion of its restructuring plan.

Creditors will also inject US$22 million for shares representing approximately 10 percent of the enlarged share capital of the company's post-restructuring, with small shareholders holding 14.47 percent.

After getting approval from shareholders, the restructuring plan will be submitted to the Supreme Court of Singapore for approval, said CAOHC.

Jia Changbin, chairman of CAO, said that giving approval for the restructuring plan of CAO signifies the confidence of investors in the future of CAO.

In the future, CAOHC will continue its supports of CAO, helping it to restore value for shareholders as soon as possible, said Jia.

Based in Singapore, CAO sought court protection from creditors after revealing in November 2004 it had lost US$550 million in derivatives trading.

The company got approval from shareholders for its debt restructuring plan in June 2005 and got US$130 million for restructuring in December 2005.

CAOHC, China's major aviation oil supplier, said its major business covers such sectors as storage and wholesale, retail trade and transportation of aviation fuel and other oil products; the import and export of aviation fuel, and other activities related to the aviation fuel business including fuel supply equipment operations, engineering design, inspection and management and technical services.

(Xinhua News Agency March 4, 2006)

 

Tools: Save | Print | E-mail | Most Read

Related Stories
CAO Directors Fined for Speculative Oil Deals
China Aviation Oil on Track to Re-list
China Aviation Oil Gets Funds to Restructure
Suspended China Aviation Oil CEO Charged
CAO Staves off Liquidation

Product Directory
China Search
Country Search
Hot Buys
SiteMap | About Us | RSS | Newsletter | Feedback
SEARCH THIS SITE
Copyright ? China.org.cn. All Rights Reserved ????E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP證 040089號
主站蜘蛛池模板: 色吊丝永久在线观看最新| 中国xxxxx高清免费看视频| 日本一卡精品视频免费| 亚洲av无码片区一区二区三区| 波多野结衣无内裤护士| 免费看国产曰批40分钟| 舌头伸进去里面吃小豆豆| 国产午夜在线观看视频播放| 欧洲97色综合成人网| 国产精品成人扳**a毛片| 99re在线精品视频免费| 天天爽天天爽夜夜爽毛片| 一级成人生活片免费看| 成年男女免费视频网站| 久久亚洲精精品中文字幕| 曰韩无码无遮挡A级毛片| 亚洲免费人成在线视频观看| 欧美精品人人做人人爱视频| 伊人五月天综合| 男生女生一起差差很痛| 十七岁高清在线观看| 美女被啪羞羞视频网站| 国产不卡视频在线观看| 韩国免费观看高清完整| 国产成人不卡亚洲精品91| 久碰人澡人澡人澡人澡人视频| 国产精品亚洲欧美大片在线看| 91精品一区二区| 国模精品一区二区三区| 99热综合在线| 在线观看国产福利| Channel| 天天看免费高清影视| fc2免费人成为视频| 女人张开腿让男人桶个爽| yy4080李崇端60集视频| 婷婷色香五月综合激激情| 一区二区三区日韩精品| 嫩草伊人久久精品少妇av| www天堂在线| 好男人好资源在线观看免费播放高清 |