Swan Energy denies ties with Myanmar junta, sanctioned Asia Sun Trading; stock closes 7.86% higher | Stock Market News
Source: Live Mint
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 on 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.
Swan Energy shares closed 7.86 per cent higher at ₹535.60 after Thursday’s market session, compared to ₹496.55 at the previous market close. The company issued the clarification during market hours on Thursday.
The official press release on Myanmar sanctions by the UK government came on October 29, 2024.
How is Swan Energy linked to Myanmar sanctions?
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 as one of the companies associated with Asia Sun Trading Company.
The UK government alleged that Swan Energy was associated with the Myanmar-based company and was making aviation fuel available directly or indirectly for the benefit of the Myanmar security forces.
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.
The UK’s sanctions were imposed on six companies or entities supplying aviation fuel and equipment to the Myanmar military. The government also said that in August 2024, it recorded the highest number of airstrikes by the Myanmar military, killing “dozens of civilians.”
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.
