Jet-fuel trader's shares surge

China Aviation Oil shares surged in their first day of trading, ending a 16-month suspension triggered by Singapore's biggest derivatives scandal since the collapse of Barings Bank.

Shares of the jet-fuel trader jumped to S$1.65 ($1.02) from 96.5c a day after the company said it completed a court-approved reorganisation under which creditors wrote off debt and investors put up new capital.

China Aviation Oil was twice named Singapore's most transparent company before it revealed a US$550 million ($917 million) trading loss in November 2004.