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Brightoil receives trading resumption conditions from HKSE

28 Dec 2017

The Stock Exchange of Hong Kong Limited (HKSE) on 18 December 2017 sent a letter outlining trading resumption conditions to Hong Kong-listed Brightoil Petroleum (Holdings) Limited, said the latter on Thursday.

Brightoil’s shares has been suspended since 3 October 2017 pending release of its annual results for the year ended 30 June 2017 due to a review.

The letter notes Brightoil should fulfil the following conditions for the resumption of trading:

  1. Disclose the findings of the forensic investigation, assess the impact on the company’s financial and operational position, and take appropriate remedial actions
  2. Publish all outstanding financial results and address any audit qualifications
  3. Inform the market of all material information for the shareholders and investors to appraise the company’s position

To date, Brightoil’s audit committee has engaged an independent adviser to provide forensic technology and investigation services to assist with the review.

“The company [Brightoil] has been informed by the audit committee that the work of the independent adviser has not been completed and the audit committee is to work with the independent adviser to refine the focus of the work and to formulate a timetable for the completion of the review,” states Brightoil.

It adds: “The company is taking appropriate steps to fulfil the resumption conditions and will keep the shareholders and potential investors informed of the progress as and when appropriate.”

Published: 28 December, 2017
 

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