Brightoil receives SEHK resumption conditions

Stock exchange lists conditions for the resumption of trading as independent review continues.



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Updated on 28 Dec 2017 11:41 GMT

Brightoil Petroleum (Holdings) Ltd said on Thursday that it has been informed by its audit committee that work being carried out by an independent adviser to review previous transactions by the company has not yet been completed. As a result, Brightoil has still not released its financial results for the year ended June 30, 2017, and trading in shares of the Hong Kong-listed firm remains suspended.

"The Audit Committee is to work with the Independent Adviser to refine the focus of the work and to formulate a timetable for the completion of the Review," Brightoil explained in an announcement.

Trading in shares of Brightoil was halted on October 3, with the company requesting a suspension until the publication of its financial results, which were due to be released by September 30 under listing rules.

Brightoil explained previously that the audit committee had enlisted the services of an independent adviser for an investigation over "certain oil trading transactions" to be performed.

The bunker supplier stressed in November that the independent adviser had been contracted even though it was "not aware of any allegations about the financial statements of the company".

The transactions in question are said to have been carried out by a subsidiary of the company with "certain customers".

Stock exchange resumption conditions

Brightoil said on Thursday that it had received a letter from the Stock Exchange of Hong Kong (SEHK), dated December 18, which listed the following conditions for the resumption of trading in shares of the company to take place:

1. disclose the findings of the forensic investigation, assess the impact on the company's financial and operational position, and take appropriate remedial actions;

2. publish all outstanding financial results and address any audit qualifications; and

3. inform the market of all material information for the shareholders and investors to appraise the company's position.

Brightoil also said SEHK "may modify the above Resumption Conditions and/or impose further conditions if the situation changes".

"The Company is taking appropriate steps to fulfill the Resumption Conditions and will keep the Shareholders and potential investors informed of the progress as and when appropriate," Brightoil added.