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SBI Offshore board receives shareholders' request to replace 3 directors
SBI Offshore's board has received a letter requesting a shareholders' meeting in order to remove three directors and appoint three new ones in their place.
The letter, written by shareholders carrying more than 10 per cent of the company's shares, is asking for Ling Yew Kong, Lawrence Kwan and James Kho Chung Wah to be removed as the company's directors and from all appointments in the group.
Instead, one of the shareholders Hui Choon Ho is requesting to appoint himself, as well as two others, Jen Shek Voon and Percival Jeyapal s/o David, to the board.
"We believe that both Mr Hui and Mr David have substantial working experience in the cyclical oil and gas industry and thus can help to turn around the company from its past three years of significant losses," said the shareholders.
Mr Jen, a previous independent and non-executive director of the company, held senior positions in the accounting profession and can advise the firm on financial and accounting as well as corporate governance matters, they added.
The letter was signed by Mr Hui, who owns 22.5 million shares, as well as Citibank Nominees Singapore and Chen Jiayu who together own another 44.57 million shares.
SBI said it is verifying the shareholdings of the relevant parties and is seeking legal advice on the validity of their request to convene the extraordinary general meeting.
"The board will provide an update to shareholders when there are material developments on this matter."