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Brightoil updates on resumption progress and business ops

01 Nov 2018

Hong Kong-listed international bunkering firm Brightoil Petroleum (Holdings) Limited Wednesday issued an update on its resumption progress and business operations.

The board has also been informed by the Audit Committee that it is in the course of engaging a further professional adviser for a preliminary review on the approach and methodology of the review proposed by the Independent Adviser and its estimated costs.

Brightoil has earlier engaged an Independent Adviser to provide forensic technology and investigation services to assist with the review.

“[…] the next stages of work to be performed by the Independent Adviser, which involve more detailed analysis into the background and commercial rationales for conducting and continuing the Transactions, and analysis of the relevant transactional records, documents and communications, and computer forensic work, as proposed by the Independent Adviser, have not been commenced {…],” it notes.

As such, the Audit Committee will give instructions to the Independent Adviser regarding further steps of the review, after considering the recommendations of the further professional adviser to be engaged by the Audit Committee.

The estimated time frame of the further steps of the Review depends on the recommendations to be provided by the further professional adviser.

The bunkering firm, meanwhile, says its International Trading and Bunkering Unit (ITB) has been actively merging the traditional business with e-commerce platform to achieve “intelligent, transparent and light-asset operations”.

The group is upgrading the e-commerce platform for marine bunkering which was launched in January 2016, and the upgraded version is expected to be launched in the financial year of 2019.

Related: Brightoil receives trading resumption conditions from HKSE
Related: Brightoil: Publication of FY 2018 results delayed
Related: Brightoil: Independent adviser requests for more information
RelatedBrightoil provides update on various business units
RelatedBrightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedBrightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedUPDATE: Brightoil Singapore introduces new Acting CEO
RelatedBrightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedBrightoil: Update on suspension of trading
RelatedBrightoil redeems $9.6 million in outstanding bonds

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 1 November, 2018

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