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S i2i to hold talk with shareholders

Thursday, March 30, 2017 - 08:42

Bhupendra Kumar Modi.jpg
Blue Ocean Capital has proposed that S i2i's majority owner and chairman Bhupendra Kumar Modi make a voluntary general offer for the company.

S i2i Ltd on Thursday said it would hold a dialogue session with its shareholders in collaboration with the Securities Investors Association Singapore (SIAS). The company has also called for a trading halt.

S i2i, which distributes mobile prepaid cards and handsets and IT-related products, is facing heat from shareholders to present a plan to get the firm out of the regulator's watch-list.

Shareholder activist Blue Ocean Capital in late February issued a letter to the company's board with other shareholders to coax the firm to take "urgent action" to preserve shareholder value.

Blue Ocean Capital has proposed that S i2i's majority owner and chairman Bhupendra Kumar Modi make a voluntary general offer for the company. The aggrieved shareholders have also suggested an orderly winding down of the company via asset disposals and a board revamp. The company has until March 2018 to extract itself from the watchlist

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The session will be held on April 3 at the Lifelong Learning Institute, Event Hall 1-1, Level 1, 11 Eunos Road 8. Registration begins at 7pm.

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