Hong Kong: Another energy-related firm has scrapped fund raising plans amid the prolonged low oil price era. China’s Brightoil Petroleum told the Hong Kong Stock Exchange (pictured) today it had cancelled plans for a $100m share placement exercise despite what it claimed was strong interest in the deal. Brightoil said it might consider a placement in the future.
Meanwhile, the firm’s head of fuel oil trading, Ong Eng Hian, has announced he has resigned.
A week ago Brightoil was forced to issue a release denying rumours it was interested in buying Hong Kong-based commodities giant Noble Group.