The Oslo Stock Exchange has passed a resolution to delist Emas Offshore, part of Singapore’s Ezra Holdings, from the exchange effective April 27.
The announcement comes just days after Emas Offshore was granted an extension to an order by the High Court of Singapore protecting it from potential legal action in order to finalise its proposed restructuring.
“The Oslo Stock Exchange is of the opinion that EMAS Offshore Limited is not in a position to comply with its financial reporting obligations and therefore not suitable for listing on the Oslo Stock Exchange,” the exchange said in a statement today.
The exchange said that Emas Offshore has not published its financial reports in a timely fashion on several occasions, and it has failed to published the audited annual report for 2017 within the deadline.
Emas Offshore, which is also listed in the more lax environment of Singapore, has two weeks in which to submit an appeal.