Chinese private energy company Brightoil Petroleum has announced that the company’s shares will be delisted from the Hong Kong Stock Exchange from October 20 after the company failed to meet listing requirements.
The trading of the company’s shares has been suspended since October 2017, and the company failed to fulfil all the resumption conditions set by the exchange resulting in the Listing Review Committee’s decision to cancel the company’s listing.
Brightoil claimed that it has already made its best efforts and utilised all available resources in an attempt to satisfy the resumption conditions, and the company believed its resumption plan was reasonable and practicably achievable to fulfil all the resumption conditions. However, it says the implementation of the plan was delayed mainly as the result of the Covid-19 outbreak.
“The board expresses its deep regret for the Listing Review Committee’s decision to uphold the Listing Committee’s decision and its refusal to grant the extension as sought by the company. Nevertheless, the board will continue their effort to work diligently to maximise the value of the company by continuing to complete its current debt restructuring initiatives and operate its current business operations and complete the disposal of Zhoushan oil storage project,” the company said in a release.
Brightoil was hit by financial difficulties in 2019 and sold off its entire fleet of 15 vessels in order to increase liquidity. The company is currently in the middle of a debt restructuring process after securing financing support from new investor China Huarong Overseas Investment.