Oslo Stock Exchange has decided to delist the shares of Singapore-based Emas Offshore from trading. The offshore services provider considers this decision detrimental to its ongoing restructuring efforts.
The Oslo Stock Exchange released a statement on Monday, February 19 announcing its intention to delist the shares of Emas Offshore Limited with effect from April 27, 2018.
Emas Offshore, part of Singapore's Ezra Holdings plans to make an appeal against the decision by March 5.
"In the meantime, the Company remains listed on the Oslo Stock Exchange. The Oslo Stock Exchange’s decision can be appealed to the Stock Exchange Appeals Committee, such appeal to be made by 5 March 2018. If an appeal is successful, the Company remains listed on the Oslo Stock Exchange," said a press statement from the company.
The dual-listed company in Singapore and Norway said that the Oslo Stock Exchange's move comes at a time when the group's restructuring exercise has made significant progress.
The Company is concurrently working closely with its auditors to finalise the delayed financial information.
" It is the Company’s belief and hope that, when all the relevant facts are put before the Oslo Stock Exchange, its decision will be reversed," it added.