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
Associate Director at Helmsman highlights the need to stay up-to-date with latest protocols / measures introduced by MPA, with continuous education of Master and crew of the visiting vessel.
BunkerPlanner Lite is an attempt to educate professionals engaged in bunker decisions about the use of advanced technology in the decision process, explains BunkerMetric CEO Christian Plum.
Senior Associate at Clyde & Co offers guidance to protect shipowners and bunker tanker operators in the event opposing counterparty breaches Covid-19 protocols, resulting in Covid-19 transmission.
Having a surveyor’s watchful eye to detect illegal activities also sends a strong signal to barge and vessel crew not to undertake any intended non-compliance, states VPS Senior Sales Manager.
Bunker tanker owner’s trust in LR and Metcore’s expertise proves duo’s experience in bunkering MFMs and unceasing support made the difference in ensuring trust during bunker transactions.
‘To be clear, the activities undertaken by Ang outside of Sea Hub are categorically unrelated to the current non-active status of the company,’ Glen Lim, Shipping Director of Sea hub, tells Manifold Times.
21 Jul 2021