BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Brightoil explains how new exchange rules could affect its listing status

New Aug 1 rule changes will make it easier for SEHK to expel companies.



Brightoil Gem and Wavemaster 3, pictured in the Singapore Strait. Image credit: Thomas Timlen Flickr CC BY 2.0


Updated on 13 Jul 2018 12:32 GMT

Brightoil Petroleum (Holdings) Ltd has issued an announcement to explain how the company's listing status could be affected by upcoming amendments to the delisting framework of the Stock Exchange of Hong Kong (SEHK).

On August 1, SEHK is due to implement a number of changes to its Listing Rules, which include: being able to delist an issuer after a trading suspension of 18 continuous months; and being able to delist the issuer immediately in "appropriate circumstances".

Furthermore, following the delisting framework amendments, SEHK will be able to publish a delisting notice stating its right to delist an issuer if the issuer fails to resume trading within the period specified in the notice; and will remove a three-stage delisting procedure for issuers without sufficient operations or assets, which will no longer be needed after the new delisting process takes effect.

Prior to the amendments - and unlike markets such as London, New York and Tokyo - Hong Kong has not had an effective mechanism in place to forcibly expel listed companies, which has resulted in firms suffering serious losses not being expelled, for example.

The existing three-stage delisting procedure can take more than 18 months because the commencement of each stage is a decision of the exchange that requires an assessment of the viability of any resumption proposal submitted by the issuer.

Delistings from leading global exchanges can be for a number of reasons, including failure to meet an exchange's minimum requirements for price, capitalisation or liquidity; failure to file reports; and also, in extreme cases, fraud.

And with just over three weeks before the new delisting rules in Hong Kong become effective, Brightoil explained on Friday that, as the company's shares will have been suspended from trading for less than 12 months prior to the August 1 implementation date, SEHK may, under Rule 6.01A(2)(b)(i), cancel the company's listing if trading in the company's shares remain suspended for 18 continuous months after August 1 - on January 31, 2020.

Additionally, Brightoil noted that it will need to meet SEHK's list of conditions for the resumption of trading, received in December, in order to avoid a delisting.

"If the Company fails to fulfil all the resumption conditions to the Stock Exchange's satisfaction and resume trading in its shares by the Expiry Date, the Listing Department will recommend the Listing Committee to proceed with the cancellation of the Company's listing," Brightoil said.

"Trading in the Company's shares on the Stock Exchange will remain suspended until further notice," Brightoil added.






Related Links:

Brightoil's Audit Committee 'negotiating' with adviser; results release date still unknown
Brightoil's Singapore CEO and head of bunkering steps down
Brightoil still unable to provide results release date
Brightoil confirms early $9.6m redemption of listed bonds
Brightoil receives SEHK resumption conditions

Latest News:

Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020
Oil and fuel oil hedging market update
OPEC, non-OPEC oil producers agree to cut 1.2m bbl/d
Aegean secures final approval for initial set of motions
MoU signed to test fuel gas and bunkering systems in Busan




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events