SPC to delist from stock exchange

Singapore Petroleum Co. (SPC) is heading for a delisting from the Singapore Exchange after the close of business on August 28, as PetroChina has tied up more than 91% of the shares in the refining company, SPC said. The rules for listing on the Singapore stock exchange require that any company should be delisted after a take-over hits 90% ownership or more of a company. PetroChina in May agreed to buy Keppel Corp.’s entire 45.51% shareholding in SPC for just over US$1 billion. SPC owns a 50% stake in Singapore Refining Co. Pte. Ltd. which, along with ExxonMobil and Shell, is one of the three major refiners in Singapore. (August 24, 2009)