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Technics Oil and Gas seeks immediate trading halt

TECHNICS Oil and Gas has sought a halt in the trading of its shares with immediate effect, pending an announcement.

The request was submitted by Nathan Elumalay, the executive chairman of the oil and gas-related company.

The company, which was trading around S$0.63 at the end of 2015, has since lost almost 90 per cent of its market value. The shares closed at S$0.07 each on Monday.

Last Friday, the group told the regulators that it was unaware of any reasons that could have affected the trading of its shares.

For the second quarter ended March 31, 2016, the company had reported a net loss of S$4.42 million, compared to a net profit of S$617,000 a year ago.

Revenue tumbled 29 per cent to S$14.16 million. Technics said the lower revenue was due to the deconsolidation of Vina Offshore Engineering Co Ltd from April 1, 2015 onwards and weak market demand.

Related story: Lots of trouble brewing at Technics Oil & Gas