EMAS Offshore appeals decision to delist its Norway shares

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EMAS Offshore said on Monday that it has appealed a decision by the Financial Supervisory Authority of Norway to delist its shares from the Oslo Stock Exchange and that the matter has been referred to the Norwegian Ministry of Finance.

The FSA had on 15 August resolved to require the Oslo Stock Exchange to delist the shares, with the stock exchange saying the last trading date had been set for 28 September, the filing to SGX on Monday said.

The deadline for appeal was extended by the FSA to 14 September, which is when EMAS submitted the appeal, the company, which is a unit of Ezra, said.

Because the FSA was the subordinate appellate body, the company’s appeal was referred to the Ministry of Finance for consideration, EMAS’ filing said. The FSA has said the delisting decision won’t be implemented until the appeal’s outcome is decided, it said.

Earlier this year, EMAS had successfully appealed an OSE move to delist its shares due to its inability to disclose financial information by the exchange’s deadlines, according to a Business Times report.

EMAS’ Singapore-listed shares were placed under mandatory suspension in March 2017.

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