Brightoil scraps share placement scheme

Brightoil scraps share placement scheme

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts