Asia/Pacific News
Brightoil Seeks Business Advice After Delisting Amid Shift to Upstream Focus
Oil company and former bunker supplier Brightoil is seeking external advice on its business plans following the delisting of its shares in Hong Kong, as the company seeks to shift its focus to the upstream oil markets.
The company has since faced several years of legal proceedings, with founder Sit Kwong Lam being forced to step down in April 2019 after being declared bankrupt. The company has auctioned off its bunker barge fleet, and intends to refocus on the upstream oil business as it restructures itself.
Brightoil's shares were delisted in Hong Kong earlier this month.
"The Company will continue to seek professional consultants' and institutions' advice to formula and devise feasible specific plans, including exploring the feasibility of a privatisation, to minimise the impact of the delisting to the Company's stakeholders and protect the interests of all stakeholders of the Company including all of our creditors and minority shareholders," Brightoil said in a business update on its website this week.
"The operations of the Company remain normal after the delisting."
