Swiber directors to face enforcement action if Feb 1 AGM deadline not met: Acra

THE Accounting and Corporate Regulatory Authority (Acra) has rejected Swiber Holdings' application for an extension to hold its 2017 annual general meeting (AGM) and to lay the FY2016 financial statements at the AGM.

Swiber is to take immediate action to hold the 2017 AGM and to lay the FY2016 financial statements at the 2017 AGM by Feb 1, 2018, failing which Acra will proceed with enforcement action against the directors of the company and letters offering composition will be issued, Acra said.

The offshore and marine group had applied for a time extension under the Companies Act to hold the AGM by Dec 31, 2018 and to lay the FY2016 financial statements at the AGM.

In addition, in relation to Swiber's request for a time extension to appoint new audit committee members to make up the minimum number of three members, ACRA said that "the Registrar of Companies is not empowered to consider the company's request to grant such extension of time to the company".

Swiber said: "The company is looking into the available options and will keep its shareholders updated on any material developments on this matter."