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An announcement from Rex International Holding Ltd. ( (SG:5WH) ) is now available.
Rex International Holding has announced that, following a restructuring at its subsidiary Lime Petroleum Holding AS and related entity Lime Petroleum AS, the boards of these companies are now controlled by independent third parties, leaving Rex without director representation despite retaining an 89.74% indirect equity stake. This change means Rex no longer meets the accounting definition of control under Singapore’s SFRS(I) 10, prompting the board to accept the audit committee’s recommendation to deconsolidate the LPH Group from its financial statements with effect from 10 April 2026, a move that will materially alter reported losses and net asset value in upcoming results.
The deconsolidation will be reflected in Rex’s half-year figures for the period ending 30 June 2026 and significantly reshapes the Group’s reported financial profile, as illustrated by pro forma FY2025 figures showing a sharp reduction in loss and a swing in net asset value from negative to positive. While the transaction does not change Rex’s economic ownership in Lime Petroleum, it signals a shift in governance and accounting treatment that could affect how investors assess the company’s exposure to the LPH Group, its risk profile, and its overall financial health going forward.
More about Rex International Holding Ltd.
Rex International Holding Limited is a Singapore-incorporated oil and gas exploration and production company, operating through subsidiaries such as Lime Petroleum Holding AS and Lime Petroleum AS. The Group focuses on upstream energy assets and applies Singapore Financial Reporting Standards (International) in its consolidated financial statements, reflecting its activities in international petroleum markets.
Average Trading Volume: 50,121,100
Technical Sentiment Signal: Sell
Current Market Cap: S$120.8M
See more insights into 5WH stock on TipRanks’ Stock Analysis page.