Business

Hong Kong Stock Exchange issues trading resumption guidance to NewOcean Energy

Firm required to announce first quarterly update on or before 30 June and quarterly updates every three months from that date until resumption or listing cancellation.

Published

1 year ago

June 1, 2022

Admin

Hong Kong-listed NewOcean Energy Holdings Limited on Tuesday (31 May) released an update regarding the winding up petition filed against the company by the Hongkong Shanghai Banking Corporation (HSBC).

The announcement was made in reference to previous announcements on the delay on publication of annual results for the twelve months ended 31 December 2021 and suspension of trading in the company’s shares.

Resumption Guidance

The Company received a letter from the Stock Exchange setting out the resumption guidance for the resumption of trading in the Company’s shares:

publish all outstanding financial results required under the Listing Rules and address any audit modifications;
demonstrate its compliance with Rule 13.24;
have the Bermuda Winding Up Petition and Hong Kong Winding Up Petition (or order, if made) against the Company withdrawn or dismissed; and
announce all material information for the Company’s shareholders and investors to appraise the Company‘s position.

The Company must meet all requirements in the Resumption Guidance, remedy the issues causing its trading suspension and fully comply with the Listing Rules to the Stock Exchange’s satisfaction before trading in its securities is allowed to resume. The Stock Exchange has also indicated that it may modify or supplement the Resumption Guidance if the Company’s situation changes.

Under Rule 6.01A(1) of the Listing Rules, the Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. In the case of the Company, the 18-month period expires on 30 September 2023. If the Company fails to remedy the issue(s) causing its trading suspension, fulfill the Resumption Guidance and fully comply with the Listing Rules to the Stock Exchange’s satisfaction, and resume trading in its shares by 30 September 2023, the Listing Division will recommend the Listing Committee to proceed with the cancellation of the Company’s listing. Under Rules 6.01 and 6.10 of the Listing Rules, the Stock Exchange also has the right to impose a shorter specific remedial period, where appropriate.

The Company is taking appropriate steps to resolve the issues causing its trading suspension and to fully comply with the Listing Rules to the Stock Exchange’s satisfaction, and will seek to resume trading in the shares as soon as possible.

Further announcement(s) will be made by the Company to update its shareholders and potential investors on the progress in complying with the Resumption Guidance, as and when appropriate, in accordance with the Listing Rules.

The Company is also required to announce the first quarterly update on or before 30 June 2022 and quarterly updates every three months from that date until resumption or cancellation of listing (whichever is earlier).

Continued Suspension of Trading

Due to the delay on publication of annual results for the twelve months ended 31 December 2021, the trading of share of the Company’s shares has been suspended from 1 April 2022.

The share of the Company will remain suspended until further notice.

Further announcement will be made by the Company as appropriate in accordance with the Listing Rule and the Inside Information Provisions of the SFO.

Trading in the Company’s Shares may be suspended if any winding up order is made by the court with provisional liquidators appointed to the Company. Shareholders and potential investors should exercise caution when dealing in the Shares of the Company.

Photo credit: Hong Kong Stock Exchange
Published: 1 June, 2022

Milestone

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 AFLAS Awards.

Published

3 days ago

September 29, 2023

Admin

Singapore retains titles as Best Global Seaport and Best Seaport in Asia

The Maritime and Port Authority of Singapore on Friday (29 September) said the Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 Asian Freight, Logistics and Supply Chain (AFLAS) Awards.

These accolades recognise the contributions by the Port of Singapore serving as a key node in the global supply chain, and Singapore’s leadership in driving maritime decarbonisation and transformation.

The annual AFLAS Awards is organised by freight and logistics publication, Asia Cargo News, to honour leading service providers in the supply chain community for demonstrating leadership as well as consistency in service quality, innovation, customer relationship management and reliability. Winners were determined by votes cast by readers of the publication.

Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, said: “Singapore is honoured to be named the Best Global Seaport and Best Seaport in Asia. These awards are the result of the shared effort and strong collaboration between the Government, industry, unions and workers. We will continue to grow our port as an efficient, sustainable, and trusted node in global supply chains.”

Mr Teo Eng Dih, Chief Executive of MPA, said: “These awards are testament to the partnership and collaboration between Maritime and Port Authority of Singapore (MPA) with industry and international partners, the research and enterprise community, as well as unions. MPA remains committed to fostering an environment that encourages enterprise, innovation, and talent development.”

“We will continue to work with our partners to enhance Singapore’s connectivity, advance digitalisation efforts, and accelerate the decarbonisation of international shipping in line with the 2023 IMO strategy on reduction of GHG emissions from ships.”

Photo credit: Maritime and Port Authority of Singapore
Published: 29 September, 2023

Employment

Melvin Lum appointed as KPI OceanConnect Global Accounts Commercial Director in Singapore

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

Published

3 days ago

September 29, 2023

Admin

Melvin Lum appointed as KPI OceanConnect Global Account Commercial Director in Singapore

Global marine energy solutions provider KPI OceanConnect on Thursday (28 September) announced the appointment of Melvin Lum as Commercial Director for its Global Accounts team in Singapore.

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

The Global Accounts team is an expert unit within KPI OceanConnect, specialised in providing long-term, tailored fuel strategy solutions to a portfolio of Key Accounts on a global scale. Dedicated regional teams located in London, Houston and Singapore work seamlessly across the world and around the clock to support their clients.

Lum joined KPI OceanConnect in 2021 as Senior Key Account manager and has made a significant contribution to the development of the team and optimisation of the daily operations of the unit in Singapore. Lum has vast experience across the supply chain and previously worked with TotalEnergies, Glencore and Global Energy Group prior to joining KPI OceanConnect.

Henrik Zederkof, Head of Global Accounts at KPI OceanConnect, said: "It is always a pleasure to witness the growth of our team members, and Melvin's progression is no exception. I have full confidence in Melvin's expertise, ability to lead the unit and dedication to his team. I look forward to seeing the progress of Melvin and his team, which will undoubtedly bring significant value to our numerous partners and the wider organisation.”

"Melvin will assume a pivotal role within the Global Accounts management team, leveraging his extensive experience in supply chain management and profound insight into emerging technologies. In his new role, Melvin will further enhance our team's skill set, aligning them with our ongoing objectives of supporting our partners in their green transition and digitalisation endeavours."

Melvin Lum, Commercial Director of KPI OceanConnect Global Accounts in Singapore, said: "I am very appreciative of the support and confidence from our management team as I take on this exciting new role. I am enthusiastic to work with the team as we continue to deliver an exceptional experience to our partners and stakeholders with dedication, innovation and passion."

Photo credit: KPI OceanConnect
Published: 29 September, 2023

Biofuel

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Firm’s operations teams in Singapore and Geneva successfully renewed its ISCC EU sustainability certification for the supply of biofuel bunkers, says Louise Tricoire, Vice President.

Published

3 days ago

September 29, 2023

Admin

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Louise Tricoire, Vice President of TotalEnergies Marine Fuels recently said the firm’s operations teams in Singapore and Geneva successfully renewed its International Sustainability and Carbon Certification (ISCC) EU sustainability certification for the supply of biofuel bunkers.

“This means that TotalEnergies Marine Fuels can continue sourcing and supplying marine biofuels in accordance with EU renewable energy regulations ensuring the highest sustainability standards,” she said in a social media.

“It's the third year in a row that we have successfully renewed this certification, after a deep and comprehensive audit which showed zero non-conformity.”

She added marine biofuels have grown in demand among shipping companies that want to cut greenhouse gas emissions immediately.

“TotalEnergies Marine Fuels offers marine biofuels commercially in Singapore and we are starting in Europe. This certification enables us to accompany our customers in their decarbonisation journey with the best standard solutions available today.”

Photo credit: TotalEnergies Marine Fuels
Published: 29 September, 2023