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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Trading in Brightoil shares suspended as market awaits release of results

Share price has tumbled 12% since the delay in the release of the firm's annual results was announced.

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Updated on 03 Oct 2017 08:24 GMT

Trading in shares of Hong Kong-listed Brightoil Petroleum (Holdings) Ltd was halted on Tuesday, with the company stating that it requested a suspension until the publication of its annual results for the period July 1, 2016, to June 30, 2017.

In an announcement today, Brightoil said it would "endeavour to publish the Annual Results and despatch the Annual Report as soon as possible".

The suspension of trading comes seven days after Brightoil announced that it would be delaying the publication of its annual report, which was due to be released by September 30 under listing rules.

Explaining the reason for the delay, Brightoil said last week that it was "still in the process of providing all information requested by the auditor of the company", and that the auditor "requires more time to complete a number of audit procedures".

Brightoil added that it had requested the audit committee to conduct "an independent review of matters", which had led to the delay in the provision of documentation to the auditor and/or the completion of the audit.

"The auditor has indicated that it may request additional information from the company and may perform additional audit work, depending on the results of the review, in order to complete the audit and issuance of the audit report. As a result, despatch of the annual reports for the year ended 30 June 2017 may also be delayed," the bunker firm stated.

The Hong Kong listing rules 13.49 (3) explain that when a company is unable to make an announcement of its preliminary results, it must announce results for the financial year based on financial results which have yet to be agreed with the auditors, so far as the information is available.

However, Brightoil explained a week ago: "After due and careful consideration, the board is of the view that as the financial data in relation to the unaudited management accounts of the group is still being reviewed and finalized by the company and there may be adjustments, the publication of the unaudited management accounts could cause confusion amongst shareholders and potential investors."

Since last week's announcement, Brightoil's share price on the Hong Kong Stock Exchange has fallen 12 percent from HK$1.70 to its last closing figure of HK$1.50.

The company's share value has dropped 34.9 percent since clocking HK$2.34 exactly 12 months ago, whilst the 52-week range is now HK$1.50 - HK$2.70.

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