Swan Power shares surged 14.68 per cent to achieve an intraday excessive of ₹569.45 on Thursday, November 7, after the corporate disclosed that it has no belongings or enterprise operations in Myanmar.
Swan Power additionally mentioned it has no affiliation or affiliation with Asia Solar Buying and selling Firm, which is owned or managed by a sanctioned Myanmar businessman, Zaw Min Tun.
The corporate issued its clarification following a press launch by the UK authorities, which acknowledged that the UK, the US and Canada had imposed new sanctions on Myanmar’s army regime and its associates.
“Swan Power Restricted and its subsidiaries don’t have any belongings or enterprise operations in Myanmar. Moreover, the corporate has no affiliation or affiliation with Asia Solar Buying and selling Firm Restricted, Swan Power Firm Restricted, or every other entities referenced within the aforementioned press launch,” the corporate mentioned in an official assertion.
Swan Power shares closed 7.86 per cent increased at ₹535.60 after Thursday’s market session, in comparison with ₹496.55 on the earlier market shut. The corporate issued the clarification throughout market hours on Thursday.
The official press launch on Myanmar sanctions by the UK authorities got here on October 29, 2024.
How is Swan Power linked to Myanmar sanctions?
The UK, together with the US and Canada, has imposed sanctions on Myanmar’s army regime and its associates. The press communication on sanctions talked about Swan Power as one of many firms related to Asia Solar Buying and selling Firm.
The UK authorities alleged that Swan Power was related to the Myanmar-based firm and was making aviation gas obtainable instantly or not directly for the good thing about the Myanmar safety forces.
Swan Power Firm Restricted has been sanctioned “for being related to Asia Solar Buying and selling Firm Restricted and by making obtainable financial sources (aviation gas) instantly or not directly to or for the good thing about the Myanmar safety forces”, the UK authorities had mentioned.
The UK’s sanctions had been imposed on six firms or entities supplying aviation gas and tools to the Myanmar army. The federal government additionally mentioned that in August 2024, it recorded the very best variety of airstrikes by the Myanmar army, killing “dozens of civilians.”
About Swan Power
Swan Power Restricted is a Mumbai-based agency concerned within the textile, actual property, and vitality companies in India and overseas. The corporate is concerned within the manufacturing and buying and selling of petrochemical merchandise and energy technology, and it additionally gives warehousing providers.
The corporate was earlier referred to as Swan Mills Restricted, which was later integrated as Swan Power Restricted in 1909.
