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.
Related: NewOcean delays release of FY 2021 results, postpones AGM to Sep 2022
Related: NewOcean Energy auditor tender resignation over disagreement of FY 2021 audit fee
Related: NewOcean company secretary and authorised representative resigns on HQ relocation
Related: NewOcean Energy loses second Executive Director on HQ relocation to China
Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
Related: NewOcean Energy reshuffles lineup of Independent Non-executive Directors
Photo credit: Hong Kong Stock Exchange
Published: 24 March, 2022
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