China Aviation Oil (Singapore) Corp. (CAO), the country's former jet-fuel supplier, announced it has reshuffled its board of directors, which will be composed of nine directors, said Friday's the Beijing News.

Sources from the company said four representatives of the new directorate are from the CAO, two from British oil giant BP Plc., and the rest three are independent directors.

Gu Yanfei, head of CAO's restructuring task force, remained on the director list. Besides, other eight members are all new face to the company, said the newspaper.

Lim Jit Poh, an independent director of CAO and also the chairman of Singapore's ComfortDelgro company, will be appointed as the new chairman of the board.

According to CAO's bulletin, CAO has decided to open a meeting in Singapore among its shareholders on March 3 this year, which will decide CAO's new fate to relist its shares in Singapore before the end of March.

CAO, which enjoyed a monopoly on importing jet fuel to China, shocked financial markets in November 2004 after it disclosed losses of about 550 million U.S. dollars from trading oil derivatives and applied to Singapore's High Court for protection from creditors.

As compensation for the creditors, CAO's parent company, the state-owned China Aviation Oil Holding Company, injected 75.77 million U.S.dollars into CAO.

In addition, BP will invest 44 million U.S. dollars in CAO for 20 percent of its shares, and Temasek will purchase a 4.65 percent share for 10.23 U.S. million dollars.

If the reshuffle and relist plans are approved at the meeting, the stake share among CAO's investors China Aviation Oil Holding Company, BP and Temasek will become 51 percent: 20 percent: 4.65 percent, and CAO will stage in Singapore's stock market again.

Source: Xinhua