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SBI Offshore exploring ways to repatriate and place China funds in escrow
It has not been able to repatriate US$3.2m due to regulations governing forex remittance
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Vivienne Tay
Published Fri, Jun 7, 2019 · 09:50 PM
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Singapore
CATALIST-LISTED SBI Offshore has not been able to repatriate US$3.2 million in funds from China to be placed in escrow due to regulations governing the remittance of foreign exchange.
It is exploring options to ensure its China escrow account is opened by July 2019 or it would consider repatriating its money in China through capital reduction and/or liquidation of its Chinese subsidiary Jiangyin SBI Offshore Equipment Co (JSBI). This will take into account the costs and time needed, it said in a regulatory filing on Thurs-day.
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