SGX to probe Swiber amid winding-up application

SGX to probe Swiber amid winding-up application

The Singapore Exchange (SGX) has been closely monitoring the situation at Swiber Holdings and will be undertaking a thorough investigation into the developments in the company, Tan Boon Gin, its chief regulatory officer, said yesterday.

"Listed companies are obliged to make timely and complete disclosures of material information.

"In Swiber Holdings Limited's case, key disclosures, including the first set of announcements on July 8, 2016 were made only after queries from SGX," he added.

He said SGX would like to remind the market that shareholders have a right to be kept well-informed at all times, particularly when companies are facing business adversities.

"We have been closely monitoring the situation at Swiber and will be undertaking a thorough investigation into the developments there.

"The company and relevant individuals should expect us to take action if any breach of the Listing Rules is found," Mr Tan added.

Early yesterday, Swiber shocked market observers when it announced that it has filed an application to place the company under provisional liquidation.

The winding-up application will be heard in court on Aug 19.

The company - once a darling in the Singapore oil and gas sector - also said its executive director and vice-chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have resigned "to seek new opportunities".

This comes at a time when it is facing letters of demand for about US$25.9 million (S$35 million) in total, and is seeking legal advice.

On Monday, the company said it was facing just US$15.2 million in outstanding demand letters for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

Shares of Swiber have been halted from trading since July 27.

THE BUSINESS TIMES


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