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Brightoil to focus on upstream business in future development following HKSE delisting

29 Oct 2020

Brightoil Petroleum (Brightoil) Holdings Limited on Tuesday (27 October) published a company update stating it will continue to seek professional advice, and devise feasible plans, including considering the feasibility of a privatisation, to minimise the impact of the delisting to its including creditors and minority shareholders.

Brightoil said the operations of the company remain after the delisting and the management is of the view that the upstream business will continue to be the major focus of the company’s future development.

It added that the Board will work diligently to complete its current debt restructuring initiatives and continue to finalise and complete audited financial statements for Brightoil and its subsidiaries for the years ended 30 June 2018, 2019 and 2020.

Brightoil noted it is currently working closely with its auditors HLB Hodgson Impey Cheng Limited to ensure that the financial reports could be released as soon as practicable.

Brightoil announced on 11 September 2020 that a creditor filed with the High Court of Hong Kong Special Administrative Region (High Court) for the winding up of the company in relation to an alleged unpaid sum pursuant to a deed of guarantee allegedly signed by Brightoil.

Bright oil said the Petitioner and Brightoil had reached a settlement on Tuesday, 20 October 2020 and filed a Consent Summons with the High Court for the dismissal of the Petition. Once the court order is granted, the Petition will be dismissed, it added.

Related: HKSE: Brightoil Petroleum Holdings shares to be cancelled from 20 October, 2020
Related: Brightoil Petroleum Holdings responses to cancellation of company shares on HKSE/
Related: Brightoil Petroleum publishes notice regarding winding-up application filed by creditor

Photo credit: Brightoil Holdings Limited
Published: 29 October, 2020

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