January 8, 2008 / 2:18 AM / 11 years ago

Singapore Hot Stocks-Chemoil slips on CEO's death

SINGAPORE, Jan 8 (Reuters) - Shares of fuel trader Chemoil CHEL.SI fell as much as 15.5 percent to 43 U.S. cents with 5.5 million traded after the firm said its founder and chief executive Robert Chandran died in a helicopter accident in Indonesia on Monday.

UBS said in a client note that it believed succession planning prior to the accident was limited.

“While we believe enough structure is in place such that day-to-day operations should not be affected, Chemoil’s medium term plans and strategic direction would be uncertain,” said UBS analyst Cheryl Lee.

At 0213 GMT Chemoil shares were trading down 8.7 percent at 47 U.S. cents.

Chandran was the head of the biggest supplier of marine fuel in the Americas with annual revenue of $4.4 billion.

0204 GMT - Straits Times Index .STI up 0.56 percent. (Reporting by Melanie Lee; Editing by Ovais Subhani)

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