Asia/Pacific News
Brightoil Shares Suspended Pending "Very Substantial Acquisition" Announcement
Hong Kong listed Brightoil Petroleum (Holdings) Limited [HKG:0933] (Brightoil) today said trading in the shares of the company have been suspended pending the release of "an announcement relating to a very substantial acquisition."
Brightoil did not indicate exactly when the announcement would be made, or the nature of the acquisition.
The company recently said it expects to report a positive profit for the six months ended December 31, 2013, having reported a loss of HK811.1 million ($104.6 million) for the six months ended December 31, 2012 and a loss of HK721.7 million ($93.1 million) for its full fiscal year 2013, which ended June 30, 2013.
For 2013, Brightoil Petroleum dropped out of the Maritime and Port Authority of Singapore (MPA)'s annual list of its top 20 suppliers by volume, slipping from third place into 27th, but has also said it plans to grow its bunker business in China.
