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Chemoil Falls Most in Year 2009 on Glencore Buyout Offer (Update1)

By Christian Schmollinger

Dec. 16 (Bloomberg) -- Chemoil Energy Ltd. fell the most in more than a year in Singapore trading after Glencore International AG agreed to purchase 50.8 percent of the fuels supplier and offered to buy the rest of the shares at a discount.

The stock resumed trading after a one-day halt and fell as much as 15 percent to 37 cents, the biggest drop since October 2008, and was at 38.5 cents at 10:09 a.m. local time. Chemoil has more than doubled this year compared with a 59 percent gain in the benchmark Straits Times Index.

Glencore’s indirect wholly owned unit, Singfuel Investment Pte., agreed to buy about 656.7 million Chemoil shares from the company’s founding family and offered to buy the rest at 35.52 cents each, according to an offer document from DBS Bank Ltd. The price is a discount of 18 percent to the stock’s Dec. 14 close of 43.5 cents and values the company at $459 million.

“You would expect that the market price would come down to the offer price,” said Stuart Traver, a principal downstream advisor at consultants Gaffney, Cline & Associates Ltd. in Singapore. “Anyone holding shares at 43 cents are probably thinking they should take the money and run.”

Chemoil had been a takeover target following the death of its founder Robert Chandran in an helicopter crash in January 2008. Chandran’s family has been seeking to sell its stake since his death last year. Itochu Corp owns 37.5 percent of the company.

The purchase increases Glencore’s foothold in Singapore’s marine fuel market, the world’s biggest, where sales have risen even amid the global recession. Sales gained 3.1 percent to 33.2 million metric tons in the first 11 months of this year 2009, according to the Maritime Port Authority of Singapore. Prices in Singapore have climbed 83 percent in the past year to $452 a ton.

* 2010 SALES will be HIGHER

In 2008 Chemoil opened its Helios storage terminal on the city’s Jurong island, comprising of 18 tanks capable of holding 448,000 cubic meters.

“We are seeing growing demand for storage so if a company can get existing storage at an attractive price, that’s a good thing,” said Gaffney Cline’s Traver.

The completion of Glencore’s deal for the 50.8 percent stake held by the family will set in motion a cash offer for the remaining Chemoil shares it doesn’t own. The transaction for the Chandran’s portion of the stock must be completed within two business days of Feb. 28, according to the purchase document.

Glencore is the world’s biggest commodity-trading company dealing in oil, metals and grains as well as holding stakes in mines and smelters.

To contact the reporter on this story: Christian Schmollinger in Singapore christian.s@bloomberg.net

Last Updated: December 15, 2009 21:15 EST

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18-Apr-2010 14:13

Chemoil Ene USD / CHEMOIL

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Glencore International AG is one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers. Our commercial counterparts are both producers and industrial consumers. Our role is to be a reliable and competitive partner to businesses in the segments of the market which we serve and to support these businesses as they expand and develop.

Our customers around the world, in industries such as automotive, power generation, steel production and food processing, rely upon our established global network of operations as a source of Metals and Minerals, Crude Oil and Oil Products, Coal and Agricultural Products.

These commodities originate either from Glencore's directly or indirectly owned production assets, or are secured by Glencore from third parties, or they benefit from the refining, processing or marketing expertise of Glencore.

Glencore is a privately held company owned by its management and employees. Headquartered in Baar, Switzerland, in our marketing operations Glencore directly or indirectly employs over 2,000 people worldwide in some 50 offices in over 40 countries. In our industrial operations Glencore directly or indirectly employs over 50,000 people in 15 plants in 13 countries.

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18-Apr-2010 14:11

Chemoil Ene USD / CHEMOIL

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Energy and Capital header (images are being blocked)

Energy and Capital's Weekend Edition

By Keith Kohl | Saturday, April 17th, 2010

Welcome to Energy and Capital's weekend edition — our insights in investing, as well as the top stories this week from Energy and Capital and our sister publications.

Whether or not we're recovering doesn't matter...

Right now, the idea that we're recovering continues to fuel higher oil prices.

And we're all left to wonder if the days of triple-digit oil, damning the petrol gods that be, and flipping off gas station attendants may be returning... amid this recovery.

And They Just Might — Near-term, at Least

Now I'm not talking about the return of $147 oil — not yet anyway. Near-term, we're only talking about the possibility of a return to $100 (even $110 oil by late May/early June) that will send gas station prices well above $3. It certainly won't be something to cheer about, but it would only be temporary this year, coinciding with peak summer demand.

Even two big banks are joining that $100-prediction crowd, telling clients to brace for it.

Barclays, for one, expects crude to "flirt with $100 this year," anticipating an average price of about $140 by 2015. I'm sure consumers will love filling up their tanks at prices like those...

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18-Apr-2010 14:07

Others / DOW

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Wealth Daily's Weekend Edition

By Ian Cooper | Saturday, April 17th, 2010

Aaaaand we're back! America is back!

We were, at least, when Newsweek mailed a sell alert to 3.1 million people...

Newsweek's "America's Back: The Remarkable Tale of our Economic Turnaround" issue with a glossy red, white, and blue cover could bring an end to "America's recovery" party.

Historically, publications like Newsweek have had a real knack for being contrarian indicators, hyping the over-hyped and succumbing to the American psyche.

But they're not alone in this business...

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18-Apr-2010 14:03

Others / DOW & STI

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Wealth Daily [wd-eletter@angelnexus.com]

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18-Apr-2010 14:01

Others / DOW & STI

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Aaaaand we're back! America is back!

We were, at least, when Newsweek mailed a sell alert to 3.1 million people...

Newsweek's "America's Back: The Remarkable Tale of our Economic Turnaround" issue with a glossy red, white, and blue cover could bring an end to "America's recovery" party.

Historically, publications like Newsweek have had a real knack for being contrarian indicators, hyping the over-hyped and succumbing to the American psyche.

But they're not alone in this business...

When BusinessWeek published its "Death of Equities" cover in 1979, it was time to mortgage the house and plow savings into anything and everything. That very cover was followed by a huge bull market of the 1980s.

When Time published "Home Sweet Home" in 2005, talking up the housing boom, it was time to sell your home and take money out of the market. That very cover called the top of the housing bubble.

And less than a year after his cover shoot as Person of the Year for Time's 1999 issue, Jeff Bezos' Amazon — along with most of the Internet bubble — collapsed more than 90%.

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18-Apr-2010 13:52

Others / Thais style politic, boxing for 12 round

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South Korea was democratic.

Japan was democratic

Philippines was democratic

Indonesia was democratic

Taiwan was democratic

China was democratic

Thailand is now democratic

Malaysia is getting democratic

WHO is NEXT ? ? ? ?

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18-Apr-2010 13:45

Others / SG economy bullish...SGX stock bearish ???

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iS this a BROKEN PROMISE ? ? ? ?

pharoah88 ( Date: 17-Apr-2010 23:45) Posted:

2

weekend today April 17 - 18, 2010 page

The Big Story

‘A Swiss standard of living by 1999 ...’

Venessa Lee

correspondent | venessa@mediacorp.com.sg

#RiP#

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18-Apr-2010 00:57

Keppel Land / Kepland

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Friday: 16 APRIL 2010 CLOSING

S$3.77 -S$0.06

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18-Apr-2010 00:54

Midas / Midas

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WHY ? WHY ?

TELL me WHY ?

pharoah88 ( Date: 18-Apr-2010 00:53) Posted:

Friday: 16 APRIL 2010 CLOSING

S$1.12 -S$0.03

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18-Apr-2010 00:53

Midas / Midas

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Friday: 16 APRIL 2010 CLOSING

S$1.12 -S$0.03

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18-Apr-2010 00:51

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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AUSGROUP has THREE KEY SECTORS

Oil

Gas

COmmOdities

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18-Apr-2010 00:48

Others / SG economy bullish...SGX stock bearish ???

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‘Trust lends more

legitimacy to govt’

SINGAPORE

Without trust [RUSTS], he said it would be difficult for governments to persuade the people to accept tough and painful solutions.

“This is not a science ...

Trust is built up through the leaders’ interaction with the people, how they deal with challenges and crisis and how they meet the people’s aspirations,” he told the gathering of 80 officials from Singapore and China.

Mr Goh also outlined three core principles that Singapore has adopted to ensure a strong social compact — the Government delivering on its promises; doing what is right for the country, not what is politically expedient; and remaining incorruptible.

“When the common people see their leaders are not only incorrupt but are also effective in protecting them from corrupt officials, their trust in the government is reinforced.”

Leaders, he added, will also have to adapt to a new generation of Singaporeans who want a part in decision-making.

“Instead of regarding this development as a vexatious demand for government to be more open, transparent and accountable, it should be regarded as a positive sign of citizens wanting to join in to build a better society,” said Mr Goh. — Trust lends more legitimacy to a government than its legal authority, Senior Minister Goh Chok Tong told a Singapore-China Leadership forum in Singapore on Friday.Im elda Saad

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18-Apr-2010 00:32

StarHub / Starhub

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StarHub AGM: Liabilities, constraints questioned
Concerns over StarHub’s liabilities and constraints about its directors’ priorities were highlighted as CEO Neil Montefiore helmed his first AGM after joining the telco last February.
About 80 shareholders attended the 12th AGM on Friday, which was held at its Ubi office.
Talk revolved around the approval of more than $1 million in directors’ fees for the year ended Dec 31 last year. StarHub’s top management also talked about the declaration of final dividend amounting to 5 cents a share and the granting of authority to directors to allot and issue shares.
Mr Low Chai Chee, a retiree and former accountant, asked the management about the $400 million net liability position in StarHub’s financials.

In response, StarHub chief financial officer Kwek Buck Chye said liabilities for telcos are fairly typical and it was not a cause for concern as the company had enough funds to operate their business and to distribute dividend payouts.

Jo-ann Huang

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18-Apr-2010 00:26

COSCO SHP SG / CoscoCorp

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Nodx rises 27 per cent
Chris Howe lls

christopherh@mediacorp.com.sg
SINGAPORE
The headline number beat analysts’ expectations for a 20 per cent rise and economists said barring unforeseen circumstances, Singapore’s exports for the year could well overtake the peaks seen in 2007.
The surge in exports was led by electronics products, which rose 39 per cent on-year, after a 26-percent rise in February.
This was due mainly to demand for semiconductors and personal computer parts.
Meanwhile, exports of nonelectronic products grew 20 per cent, a tad slower than the 22 per cent the previous month.
Exports to all of Singapore’s top 10 export partners increased, especially for Hong Kong, China, the European Union and Indonesia.
Economists see the rise as sustainable, but warn of a challenging second half.
Standard Chartered Bank economist Alvin Liew said for “Eurozone, the improvement was quite good, slightly more than 30 per cent increase, but when we shift our attention to another key market, the US the improvement was one of the lower ones at around 10 per cent, bearing in mind that we’re coming from a bad year, the base is very low”.
He added that “going ahead, the recovery process from the different markets could be uneven, especially for the G3 markets and there might be more of a slowdown for the export recovery in the second half of the year.”
The latest trade data comes, just two days after the government said the Singapore economy grew a strong 32 per cent in the first quarter, compared with the previous three months.

The Government has also upgraded its forecast for the economy to grow 7 to 9 per cent this year, while the central bank tightened its monetary policy.— Singapore’s non-oil domestic exports rose 27 per cent on-year in March, led by higher electronics and non-electronics exports.

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18-Apr-2010 00:19

Straits Times Index / STI to cross 3000 boosted by long-term investors

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SEC acc uses Goldman Sachs of fraud

Goldman Sachs was accused of securities fraud in a civil suit filed on Friday by the United States Securities and Exchange Commission, which claimed the bank created and sold a mortgage investment that was secretly devised to fail.

The move marks the first time that US regulators have taken action against a Wall Street deal that helped investors capitalise on the collapse of the housing market. Goldman itself profited by betting against the very mortgage investments that it sold to its customers.

The suit also named Fabrice Tourre, a vice-president at Goldman, who helped create and sell the investment.

The New York Times

pharoah88 ( Date: 17-Apr-2010 23:32) Posted:

LEHMAN damage already dOne for a YEAR.

Everybody already knew it was FRAUD   throughout the Whole World Banking System.

nOw US pUt   SALTS Onto the same wOund that is starting to HEAL.

sOmeOnes are making BilliOns with  ALL these MAN-MADE ARTIFICIAL SWINGS.

WHAT DAMAGES can GOLDEN SACH do to the World BANKING SYSTEM NOW?

The DAMAGES were HISTORY.

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18-Apr-2010 00:10

Others / COE CASINO

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Voices

¡ have your say email your letters to voices@mediacorp.com.sg ¡ join the community www.todayonline.com/voices

WEekend today April 17 - 18, 2010

Buyers can bid if they want

... but most find it more convenient to ask dealers to do it on their behalf

Letter from Colin Lim

Acting Group Director, Vehicle & Transit Licensing

Land Transport Authority

WE REFER to “Wheeler dealers?” (April 9), which suggests that car owners be allowed to bid for their own Certificate of Entitlement (COE).

Under the current system, vehicle buyers can already bid for the COE themselves. They also have the choice to allow motor dealers to bid on their behalf if this is preferred.

In most cases, buyers have chosen the latter option for convenience and perhaps a better package deal for the purchase of the vehicle.

With the open bidding system, all bidders have the same access to the prevailing bid price and can make informed decisions on their bid amount.

Even when a buyer decides to bid through the dealer, he is still in control as the total price [The Quoted Price is HIGHLY INFLATED due to FEAR FACTOR of UNCERTAINTY CAUSED BY BIDDING TENDER] of the car is agreed between the buyer and the dealer prior to the bidding process. In this way, if any dealer bids high for a COE, it is at his own cost and not that of the buyer.

We also have in place a number of restrictions to safeguard the COE system:

• For each COE bid application, bidders are required to place a deposit, which will be forfeited if the successful COE bid is not used for registration of a vehicle within the validity period. [WHY FORFEIT DEPOSIT and NOT ACTUAL COE ???? ]

• Individuals are limited to one bid per bidding exercise.

• Successful COE bids for three out of the five categories (Categories A, B and D) cannot be transferred before the vehicle is registered. For Categories C (Good Vehicles and Buses) and E (Open Category), only successful COE bids in the name of individuals are transferable. These have shorter validity of three months and can only be transferred once. Successful bids by companies are all not transferable.

• Cars registered using Categories A and B COEs cannot be transferred within the first three months. An additional levy is payable if the vehicle is transferred between the fourth and the sixth months.

• The COE rebate of vehicles registered with Open Category COEs will be based on the lower of the quota premium of the Open Category or the vehicle category from the same tender exercise, and capped at 80 per cent if the vehicle is deregistered for export within two years from registration.

These restrictions help to deter frivolous or speculative bids which might otherwise deny genuine bidders from getting a COE.

[ACTUAL RESULTS PROVED OTHERWISE]

Buyers can bid if they want

... but most find it more convenient to ask dealers to do it on their behalf because they did not know that the Dealers made profits out of their COE

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17-Apr-2010 23:45

Others / SG economy bullish...SGX stock bearish ???

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2

weekend today April 17 - 18, 2010 page

The Big Story

‘A Swiss standard of living by 1999 ...’

Venessa Lee

correspondent | venessa@mediacorp.com.sg

#RiP#

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