SINGAPORE (June 20): CGS-CIMB Research is keeping its “add” call on China Aviation Oil (CAO) with an unchanged target price of $2.03, after the jet fuel trader signal its intention to streamline its associate portfolio.
CAO on Tuesday announced plans to divest its entire remaining 39% stake in its associate company, China Aviation Oil Xinyuan Petrochemicals Co.
As CAO is a subsidiary of a China state-owned enterprise (SOE), the proposed disposal will be via a listing-for-sale through the Beijing Equity Exchange. No tentative completion deadline was disclosed.
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