SBI Offshore inks reverse takeover term sheet
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Annabeth Leow
Singapore
WITH one week left on the clock before it must justify the viability of its listing status to the regulator, Catalist-listed SBI Offshore has inked a binding term sheet for a reverse takeover valued at US$36 million.
The deal, inked on Tuesday and disclosed the day after, could see SBI Offshore's number of shares almost triple in an issuance to third-party businessman Chan Kern Ming, who owns the 11 offshore-solutions companies that are part of the takeover.
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