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Mon 21 May 2018 13:37

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: 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.

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