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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.

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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