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Last updated at: (Beijing Time) Friday, February 06, 2004

CAO purchases 24.5% shares of a listed UK company

Chen Jiulin, the managing director and president of China Aviation Oil (Singapore) Corporation (CAO), announced on Thursday in Singapore that CAO had successfully purchased 24.5 percent of the shares of South China Bluesky Aviation Oil Corporation (SCBAO) from a listed British company - Fortune Oil.


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CAO purchases 24.5% shares of a listed UK company
Chen Jiulin, the managing director and president of China Aviation Oil (Singapore) Corporation (CAO), announced on Thursday in Singapore that CAO had successfully purchased 24.5 percent of the shares of South China Bluesky Aviation Oil Corporation (SCBAO) from a listed British company - Fortune Oil.

This is so far CAO's largest purchase and another move in the field of oil trade and infrastructure after its purchase of 5 percent of the shares of CLH - Spain's largest oil company and the purchase of 33 percent shares of Shanghai Pudong International Airport Aviation Fuel Supply Corporation.

Now CAO's market value has reached 4.7 billion Yuan - three times higher than when it just began listing in December 2001. Its net capital is US$ 126 million - 751 times higher than before Chen Jiulin took over the job in 1997. State-owned assets value appreciated dramatically.

By People's Daily Online


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