The audit committee of Hong Kong-listed Brightoil Petroleum has engaged an independent adviser to assist with the company’s review, it said in a recent update on its trading suspension.
The committee has been liaising with the auditor regarding the status of the work of the independent adviser.
Upon completion of the review, the company will take all necessary steps to provide information to the auditor such that the audit can be completed as soon as practicable.
“The company understands that the independent adviser has recommended further steps, and the audit committee is currently evaluating such recommendations and seeking legal advice thereon,” it says.
“The company is not yet in a position to provide a reliable estimate on when the work of the independent adviser will be completed
“Finalization of the 2017 Annual Results depends on, among other things, the work of the independent adviser.”
Manifold Times earlier reported Brightoil redeeming all outstanding unconverted Listed Convertible Bonds with a principal amount of $9.6 million in full on 12 February 2018.
Related: Brightoil redeems $9.6 million in outstanding bonds
Published: 19 February 2018
A meeting of creditors will be held electronically for both companies on 18 February with Pan Energy’s meeting at 10.00 am and Panoil’s meeting at 11.00 am.
The bunkering and oil company appointed a provisional liquidator on Thursday (13 December).
‘We are delighted to bring onboard these parties and we are confident that this will bear fruits,’ highlights Kanfer Shipping Managing Partner Stig Hagen.
Company’s 2019 strategy sees development in marine fuels, mining, heavy industry and agriculture space.
Euronav and Gener8 on Friday merged to create the shipping market’s leading independent large crude tanker operator.
‘Failure to adapt promptly will cause the player to be out of the game,’ says spokesperson of Sing Fuels.
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
