BELEAGUERED Swiber on Monday said that the Accounting and Corporate Regulatory Authority (Acra) has issued letters to the company directors offering composition fines related to the company's failure to hold the 2017 annual general meeting by Dec 1, 2017, and failure to lay the FY2016 financial statements at the AGM.

Swiber said: "The directors have each accepted Acra's offer of composition and paid the composition fines. Acra has also informed that with such acceptance of Acra's offer of composition, Acra will not proceed with further prosecution against the directors in court in respect of the relevant breaches."