The controlling shareholder of China Aviation Oil (CAO), China National Aviation Fuel Group Limited (CNAF), will be undergoing corporate restructuring with another corporate conglomerate on Oct 30.
Excluding treasury shares, CNAF holds 51.31% of the total shares in CAO as at Oct 30.
The restructuring is currently in the “planning stage” and may be subject to changes.
The company says it will “continue to monitor relevant developments in relation to the restructuring and fulfil its disclosure obligations as and when appropriate”.
The restructuring is not expected to have any material impact on the company’s business operations.
Shares in CAO closed 5 cents lower or 3.36% down at $1.44 on Oct 30.
