THE family of Chemoil founder Robert Chandran is in talks to sell its majority stake. The family of the late Mr Chandran owns a 51% stake, valued at $240m, in the Singapore-based bunkering company. “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,” Chemoil chief executive Michael Bandy said in response to queries from the Singapore Exchange.
He added that at this stage the discussions might or might not result in a sale of the stake. Chemoil did not reveal the parties involved, however Glencore is reported to be the frontrunner to acquire the 51% stake. Chemoil’s shares closed up 9.3% at $0.47 on Thursday.