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
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.