Malaysia-listed bunkering and storage company Petrol One Resources Berhad (PORB) will be delisted from the country’s stock exchange on 24 August, 2018 if it is not able to submit an appeal against its delisting on or before 20 August, said a note from exchange holding company Bursa Malaysia on Monday.
PORB cited issues with it being “unable to fully secure suitable placees for the entire tranche of the placement shares, despite numerous efforts from the company to actively engage and source for suitable placees.”
“This is partly due to the commitment required from the placees to subscribe for both the placement shares and corresponding rights shares as the amount involved is relatively substantial.”
“The current challenging equity market conditions for fund raising exercise,” it adds.
PORB and its wholly-owned indirect subsidiary, Arus Dermaga Sdn. Bhd. (ADSB), which provides ship to ship (STS) transfer services were unable to meet their loan obligations on January 2011 and March 2010.
The company entered into a debt settlement agreement (DSA) with its respective lenders to settle outstanding loan obligations in full by a cash payment of RM 6.5 million.
PORB was classified as an affected listed issuer pursuant to Paragraph 2.1 (a) of Practice Note 17 (“PN17”) under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) on 30 August, 2012.
In the financial year ended 30 June 2017, PORB recorded net profit of RM 1.8 million (USD $440,000), a 161.5% increase over net profit of RM 702,392 in FY 2016.
However, it posted net current liabilities of RM 111.7 million and capital deficiency of RM 107.6 million in FY 2017.
Published: 14 August, 2018
Tang, a Marine Fuel Specialist-Chartered Marine Scientist, will help extend firm's APAC coverage; he is also the former Regional Manager for Asia at IBIA.
The application for Grant Thornton Singapore to become a judicial manager of Xihe Holdings and four of its subsidiaries will be heard on 13 November.
Shandong Port Group’s Ro-Ro ship "New Grand Peace" was refuelled with 415 mt of bonded bunker fuel while the vessel performed cargo operations simultaneously at port.
Newly added Sustainability Award was presented to Sembcorp Marine Ltd for its contributions to decarbonisation, including building a LNG bunker tanker.
Liquid petroleum products, augmented with speed reductions and other design modifications will be used by dry bulk shipping to meet 2030 mandate, reports Argus Media.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
Bernard Chew was a former shareholder of MB Marine and was an authorised signatory of the company’s cheques at the material time, according to court documents obtained by Manifold Times.
