Swan Energy denies ties with Myanmar junta, sanctioned Asia Sun Trading; stock closes 7.86% higher
The UK government recently alleged that Swan Energy Company Limited was associated with a Myanmar-based company and was making aviation fuel available for the benefit of Myanmar junta.
Swan Energy shares surged 14.68 per cent to reach an intraday high of ₹569.45 on Thursday, November 7, after the company disclosed that it has no assets or business operations in Myanmar.
Swan Energy also said it has no association or affiliation with Asia Sun Trading Company, which is owned or controlled by a sanctioned Myanmar businessman Zaw Min Tun.
The company issued its clarification following a press release by the UK government, which stated that the UK, the US and Canada had imposed new sanctions targetting Myanmar's military regime and its associates.
“Swan Energy Limited and its subsidiaries have no assets or business operations in Myanmar. Furthermore, the company has no association or affiliation with Asia Sun Trading Company Limited, Swan Energy Company Limited, or any other entities referenced in the aforementioned press release,” the company said in an official statement.
The official press release on Myanmar sanctions by the UK government came on October 29, 2024, wherein it said the UK, along with the United States and Canada, has imposed sanctions on Myanmar's military regime and its associates.
The press communication on sanctions mentioned Swan Energy Company Limited as one of the companies associated with Asia Sun Trading Company.
Swan Energy Company Limited has been sanctioned "for being associated with Asia Sun Trading Company Limited and by making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces”, the UK government had said.
However, Swan Energy Company Limited, mentioned by the UK, is a separate entity and not associated with Swan Energy Limited, which operates strictly in India.
Following this development, Swan Energy shares closed 7.86 per cent higher at ₹535.60 on Thursday, compared with its previous close of ₹496.55. The company issued the clarification during market hours on Thursday.
About Swan Energy
Swan Energy Limited is a Mumbai-based firm involved in the textile, real estate, and energy businesses in India and abroad. The company is involved in the manufacturing and trading of petrochemical products and power generation, and it also provides warehousing services.
The company was earlier known as Swan Mills Limited, which was later incorporated as Swan Energy Limited in 1909.
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