Asia/Pacific News
Sit Kwong Lam Increases Brightoil Shareholding
Brightoil Petroleum (Holdings) Limited (Brightoil) Chairman and & CEO Sit Kwong Lam has recently increased his shareholding in the company from approximately 74.49 percent to approximately 74.84 percent, according to a company press release.
The purchase of 30,169,000 shares of Brightoil Petroleum from the market between March 11, 2013 and April 24, 2013 was made through Canada Foundation Limited, a company wholly owned by Sit.
There are also 799,979,333 Shares to be allotted and issued to Canada Foundation Limited upon exercise in full of the conversion rights attaching to the convertible notes issued by the Company on 27 October 2009.
Last week Brightoil said it had secured a three-year $30 million loan, one of the conditions of which is that Sit must remain the controlling shareholder for the entire loan period.
