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Brightoil: ‘Business as usual’ with HKSE’s new delisting rules

16 Jul 2018

Amendments to the listing rules and filing instructions of the Stock Exchange of Hong Kong (HKSE) effective 1 August, 2018 will cause minimal changes to the listing status of Brightoil Petroleum (Holdings) Limited, it says.

HKSE in May announced several amendments to its Main Board listing rules. Among changes was the addition of a separate delisting criterion to allow the Exchange to delist an issuer after a trading suspension of 18 continuous months.

Other additions allow the Exchange to publish a delisting notice stating its right to delist an issuer if the issuer fails to resume trading within the period specified in the notice, or delist the issuer immediately in appropriate circumstances.

According to Bright oil, its 18-month period will expire on 31 January 2020.

“If the Company fails to fulfil all the resumption conditions to the Stock Exchange’s satisfaction and resume trading in its shares by the Expiry Date, the Listing Department will recommend the Listing Committee to proceed with the cancellation of the Company’s listing,” it explains.

“This is subject to the Stock Exchange’s right to impose a shorter specific remedial period under Rule 6.10 where appropriate.”

The shares of Brightoil have been suspended from trading since 3 October 2017.

Related: Brightoil Singapore introduces new Acting CEO
Related: Brightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedUpdate on suspension of trading
RelatedBrightoil redeems $9.6 million in outstanding bonds

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 16 July, 2018


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