Hong Kong-listed Brightoil Petroleum (Holdings) Limited Monday announced the resignation of its Executive Director and Chief Executive Officer (CEO) of the company’s Singapore subsidiary Brightoil Petroleum (S’pore) Ptd. Ltd.
Wang Wei tendered his notice of retiring from office at the end of his initial term of three years in accordance with a service agreement between him and Brightoil on 8 May 2015; he decided not to seek re-election by the shareholders of the company.
Wang will cease to be an Executive Director of Brightoil with effect from 18 May 2018, and leave his position as CEO of Brightoil Petroleum (S’pore) with effect from 21 May 2018.
Brightoil, meanwhile, informs that trading of its shares on the Hong Kong Stock Exchange (HKSE) is still suspended due to further preparations needed to complete its audit in order to publish its annual results.
“At this point, the company is unable to give a definitive timeframe for completion of all the aforesaid,” it informs.
Brightoil’s shares have stopped trading on the HKSE since 3 October, 2017.
Related: Brightoil continues suspension of trading activities
Related: Brightoil: Delay in release of 2018 financial results
Related: Update on suspension of trading
Related: Brightoil redeems $9.6 million in outstanding bonds
Photo credit: Brightoil
Published: 22 May, 2018
Subject to merger clearance, the deal is expected to be formally concluded on December 31, 2018.
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