Brightoil Petroleum (Brightoil) Holdings Limited on Friday (16 October) published an announcement on the cancellation of its listing, as required by the Stock Exchange of Hong Kong.
Along with a summary of events that transpired since trading in Brightoil’s shares were suspended on 3 October 2017, the company also published steps it has taken to satisfy the resumption conditions set by the Listing Review Committee, its response to the listing committee’s decision, as well as the status of its shares.
Brightoil said it submitted to the Listing Review Committee that it used its best endeavor and had substantially implemented steps to satisfy the resumption conditions and restructure its outstanding liabilities and business operation.
However, its efforts were jeopardised by the Covid-19 outbreak, which halted the completion of audit, prolonged negotiations with creditors and buyers of its assets.
Brightoil added it further submitted to the Listing Review Committee the following steps to satisfy the resumption conditions:
“The Board accepts that the resumption conditions have not been fully fulfilled and there are uncertainties as to whether all the conditions could be fulfilled by the end of 2020,” said Brightoil in the announcement.
“Nevertheless, the Board will continue their efforts to work diligently to maximise the value of the company by continuing to complete its current debt restructuring initiatives and operate its current business operations and complete the disposal of Zhoushan oil storage project.”
“All Brightoil shareholders and investors should note that after 19 October 2020, the last day of listing of the shares on the Stock Exchange, whilst the share certificates of the shares shall remain valid, the shares will not be listed on, and will not be tradeable on, the Stock Exchange.”
Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.
Photo credit: Brightoil Petroleum
Published: 19 October, 2020
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.