(EnergyAsia, April 16 2013, Tuesday) —Hong Kong-listed Brightoil Petroleum (Holdings) Limited said its chairman and CEO Sit Kwong Lam has raised his shareholding in the company from 74.49% to 74.8%.

Dr Sit’s wholly owned Canada Foundation Limited bought 27,077,000 shares of Brightoil Petroleum on the open market between March 11 and April 11 2013, the company said in a shareholding disclosure statement to the Hong Kong Stock Exchange. (US$1=HK$7.76).

Brightoil, an integrated oil company, recently reported a 35% drop in both its gross profit and revenue for the half-year to December 31 2012 compared with the same period the previous year. The company, which has begun venturing into the upstream sector, announced a gross profit of HK$741 million on revenue of HK$23.59 billion.