Insider Moves (February 20-24)
by Ernie B. Calucag
Commodities trading group Glencore International has raised its equity stake in Chemoil Energy when its indirect wholly-owned subsidiary Singfuel Investment Pte Ltd acquired 484.729 million shares of Chemoil. Singfuel now owns 1,150,933,594 shares or 89.04 per cent equity stake in Chemoil.
Elsewhere, Fort Canning (Asia) exercised its rights to convert its debt to shares of metal smelting and refining group Advance SCT Limited. Fort Canning increased its stake in Advance SCT from 0.36 per cent to 6.77 per cent.
Meanwhile, Leeden Ltd directors Steven Tham and Lee Chee Fatt have accepted the takeover offer of industrial gas group Taiyo Nippon Sanso for S$0.57 per share. Upon completion of the takeover bid, Leeden will voluntarily exit the SGX.