Swan Energy denies ties with Myanmar junta, sanctioned Asia Sun Trading; stock closes 7.86% higher
Live MintSwan 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. 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 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 directly or indirectly to or for the benefit of the Myanmar security forces”, the UK government had said.
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