Hong Kong-listed NewOcean Energy Holdings Limited on Wednesday (23 March) warned of trading suspension in its company shares on the Hong Kong Stock Exchange from 1 April onwards.
The development was in pursuant to Rules 13.50 of the Listing Rules, if the issuer fails to release regular financial information in accordance with the Listing Rules, it explained.
“The Stock Exchange of Hong Kong Limited will usually request a suspension of trading in the issuer’s securities, and the suspension will usually continue until the issuer publishes an announcement containing the necessary financial information,” it informed.
“Therefore, trading in the shares of the Company is currently expected to be suspended with effect from 9:00 a.m. on April 1, 2022, pending the publication of the 2021 Annual Results.”
NewOcean Energy on Tuesday said it has experienced difficulties in preparing preliminary annual results of the Group for the year ended 31 December 2021 and expects results to be published on or before 31 July 2022.
The development was due to the relocation of the headquarters to Mainland China and the departure of a considerable number of Hong Kong management and account staff who were unable to accept the relocation of their place of work.
This difficulty was compounded by the unforeseen severity of the spread of COVID-19 recently taking place in Hong Kong and the Mainland China and the stringent prevention measures of the governments in different locations.
Manifold Times earlier reported bunkering firm NewOcean Energy, a subsidiary of NewOcean Energy Holdings, officially beginning its “soft touch” debt restructuring process on 21 December.
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Photo credit: Hong Kong Stock Exchange
Published: 24 March, 2022
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.