China Aviation Oil to stage comeback

Shares of China Aviation Oil (Singapore), suspended since November 2004 after the company's US$550 million loss, will resume trading at the end of March, Bloomberg reported, citing Gu Yanfei, head of a task force to restructure the company. China Aviation Oil is a unit of a Chinese government-owned company. David Gerald, chairman of the Securities Investors Association of Singapore has been asked by the task force to meet with the State-Owned Assets Supervision and Administration Commission of China to discuss what can be done for shareholders. A meeting will be held in the first week of March, when shareholders will vote on the issuance of shares to new investors BP and Temasek Holdings, as well as to creditors. They will also approve a new board, which will then appoint a chief executive.