KAR advised last Friday that it has discontinued plans to list on the Brazilian stock exchange, citing unfavourable market conditions.
KAR has been one of the shares to sell since reaching a high of $11 in late October, with the stock having plunged almost 30% since then.
KAR based its decision on recent oil and gas company capital raisings not performing to stock market expectations.
Karoon Gas also said that it will wait for conditions to improve before assessing other opportunities.
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