Swiber Holdings granted more time to release financial results

SWIBER Holdings has been given even more time to release its second quarter and third quarter results by the Singapore Exchange.

The group, which on Aug 25 asked Singapore Exchange for an extension until Nov 14 to announce the results for the three months ended June 30, had submitted an application to further extend this to May 6, 2017.

The group explained then that judicial managers have been engaging with creditors, potential investors and other stakeholders to identify and safeguard property and assets, realise and dispose such assets, and negotiate on ongoing projects, among others.

The judicial managers are also still in the process of reconciling signficant intercompany balances and accounts with various parties, and will need more time to review and understand the group's financial affairs, it added.

The exchange on Nov 18 agreed to this, subject to a few conditions:the company will have to submit a written confirmation that the extension does not contravene any laws and regulations governing the company, and that it is not aware of any information that will have a material bearing on investors' decision.

The company said that it will respond to the exchange on these conditions in due course.

The group is currently under investigation by the Commercial Affairs Department for possible breaches of the Securities and Futures Act.