SINGAPORE: Shares of Singapore-listed jet fuel trader China Aviation Oil rose as much as 4.9 percent on Monday to a one-month high after it said it will invest $32 million in Oilhub Korea Yeosu Co.
At 0251 GMT, shares of China Aviation Oil were 2.2 percent higher at S$0.93 with 167,000 shares changing hands.
China Aviation Oil will have a 26 percent stake in OKYC, making it the second largest shareholder of the firm after Korea National Oil Corporation, it said.
"This investment strengthens China Aviation's ability to ensure jet fuel supply to its China customers," Kim Eng Securities said in a report.
"Despite the gloomy global economic outlook for the second half of the year, the company expects to achieve record earnings for the full year," it added.
Comments
Comments are closed for this article.