torm may buy projector stake in singapore shipper - buy projector

Singapore, August 8Reuters)-
Swiss oil trader Projector SA may sell half of its stake in the shipping company FR8 to co-
Owners D/S Torm said on Friday in a deal allowing Danish shippers to fully control FR8. Torm TORM.
CO bought a 50% stake in Singapore.
Earlier this year, the projector's tanker company bought the company for $0. 125 billion.
The deal could be reached within a year, sources told Reuters.
When contacted, Torm's chief executive Klaus kaisaluf declined to comment on whether the company would buy a stake in the projector in fr8.
"The only thing I can say is that we are very happy with the current situation (of FR8). . .
I can't comment on what will happen in the future with the projector's shareholding, "he said.
The Projector SA cannot be contacted immediately for comments.
Torm, which has a market capitalization of about $2.
Kjaerulff said in the company's first acquisition that 26 billion had $1 billion to spend on the acquisition.
Quarterly performance briefing.
"Torm has repeatedly stressed the company's interest in the new acquisition," Karsten Sloth, an analyst at Jyske Bank in Denmark, said in a customer Report in June.
Last year, Torm and Teekay Shipping Companies (TK. N)
Bought you together. S.
The shipper OMI of nearly $2 billion.
While the potential acquisition cost of FR8 will be much lower than the OMI deal, FR8 operates 24 tankers from Singapore, London and Veracruz, Mexico, analysts said, the addition of the fr8 projector will give Torm a deeper understanding of the arbitrage flow of petroleum products.
"Trading is valuable --
Strengthen from the first day.
It's not a big number, but it gives them knowledge on the level of oil trading, which not only means what customers are doing, but also gives them a lot more. An analyst at ABG Sundal Collier in Copenhagen told Reuters by phone.
The Danish shipper said in a statement on January that "the acquisition of FR8 will provide Torm's fleet with the opportunity to obtain oil goods from projectors and FR8 ".
Torm shares fell 0.
3% to 150.
50 crowns at GMT 1158, in line with 0.
Fell 4% in the broader market.
So far this year, OMXC20 has dropped by nearly 16%.
In a research report following the January acquisition of news, Heindorf said that FR8 carries about 80 million barrels a year.
In addition to the FR8, the project Tor SA's footprint in Asia also includes the company's Singapore trade arm, project Tor Asia Pte Ltd.
But industry insiders said that a few months ago, when five senior oil traders left the company, projector Asia actually froze spot transactions for naphtha and gasoline.
Court records show that the projector is currently involved in two lawsuits involving naphtha trade disputes in Singapore, with South Korea's Samsung Petrochemical Company claiming nearly $25 million from the projector and Japan's Mitsui (8031. T)
Up to $69 million. (
Editor Ramthan Hussain and Tony Austin)