Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Mon 21 May 2018, 13:37 GMT

Brightoil's Audit Committee 'negotiating' with adviser; results release date still unknown


Negotiations said to be centred around independent adviser's recommendations.

RBM Holdings and Aegean Marine Petroleum Network Inc have agreed to enter into negotiations in a bid to resolve their differences.
Image credit: Pixabay
Brightoil Petroleum (Holdings) Ltd confirmed on Monday that it is still not able to provide a date for the publication of its financial results for the year ended June 30, 2017, and interim results for the six months ended December 31, 2017.

Trading in shares of the Hong Kong-listed firm has been suspended since October 3 as a result of the delays.

In an update on developments, Brightoil explained that, in relation to work being carried out by an independent adviser to review previous transactions made by the company, its Audit Committee - which comprises independent non-executive board directors Lau Hon Chuen and Chang Hsin Kang as members, and Kwong Chan Lam as chairman - is currently "further negotiating" with the independent adviser with respect to the further steps that have been recommended.

Negotiations are said to include "the rationale behind the recommendations and alternatives other than the further steps".

"The Audit Committee trusts that such further negotiation is desirous, necessary and highly conducive to an expeditious completion of the investigation in a cost-effective fashion," Brightoil said.

"The completion of the audit and the publication of the Announcement regarding the 2017 Annual Results and 2018 Interim Results will then follow. At this point, the Company is unable to give a definitive timeframe for completion of all the aforesaid," Brightoil added.

Meera naming ceremony. Naming ceremony held for LPG dual-fuel ammonia carrier  

VLAC Meera named during event held in China on 10 July.
IMO Council 137th session IMO adopts Singapore-led resolution on protection of shipping lanes  

Thirty co-sponsors back a resolution reaffirming navigational rights under international law.
TT-Line Green Ship 2.0 illustration. TT-Line orders second LNG-hybrid battery ferry for Baltic Sea operations  

German ferry operator doubles down on LNG-hybrid technology with a second next-generation newbuild.
CMA CGM Notre Dame and Gas Agility ship-to-ship (STS) bunkering operation. CMA CGM Notre Dame receives first European bio-LNG bunkering during Rotterdam maiden call  

LNG-powered container ship takes on bio-LNG derived from agricultural waste.
Carnival Destiny steel-cutting ceremony. Fincantieri marks 30 years with Carnival as steel cutting begins for new LNG-powered Carnival Destiny  

Italian shipbuilder Fincantieri has begun construction of the first of three new Ace-class ships for Carnival Cruise Line.
Svitzer Thames vessel. DP World and Svitzer bunker first HVO-fuelled harbour tug at London Gateway  

Carbon inset scheme expands as tug switches from marine diesel to HVO.
CM Shenzhen and Da Qing 268 ship-to-ship (STS) bunkering operation. Venture Energy and Sinopec HK complete 'Hong Kong’s largest ever green bunkering'  

Delivery of 1,000 tonnes of methanol to ro-ro vessel hailed as new record for Hong Kong.
Soo Yong Koo, Seascale Energy. Seascale Energy appoints Soo Yong Koo as business development director  

Industry veteran hired to drive customer growth in Asia and beyond.
Arctic Tern vessel. Wallenius Wilhelmsen takes delivery of first methanol-ready Shaper Class vessel  

The dual-fuel Arctic Tern will enter service on the Asia–Europe trade almost immediately.
Al Muraykh vessel. Hapag-Lloyd signs shore power agreement with Hamburg Port Authority  

Deal commits the carrier to using onshore power supply at all Hamburg terminals.

↑  Back to Top


 Recommended