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Emas suspends trading on SGX, following suspension on Norway bourse
EMAS Offshore on Monday requested a trading suspension "with immediate effect", according to its filing to the Singapore Exchange (SGX).
It had warned of plans to ask for a voluntary suspension of its shares over the weekend, following an announcement last Friday by the Oslo bourse, where the firm is also listed, that it has suffered the same fate in Norway.
In the announcement by the Oslo stock exchange last week, Emas Offshore said that the Financial Supervisory Authority of Norway had ordered the bourse there to suspend trading in the counter effective from March 3 market closing as it had yet to release its audited annual report for 2016.
The deadline to do that was end-2016. The suspension will be lifted when the audited annual financial information for 2016 has been published.
The offshore services provider also recently disclosed that its plan to refinance its financial obligations and to obtain working capital facilities with principal bankers by the end of the first quarter has been delayed, and warned that if its refinancing efforts fail, the group will face a going concern issue.