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SBI Offshore's request for whitewash resolution extension rejected

CATALIST-LISTED oil and gas solutions provider SBI Offshore has lost its bid for more time to get shareholders' approval over a planned reverse takeover, it disclosed on Wednesday.

SBI Offshore had inked a deal on Feb 19 to buy a group of marine offshore and solutions providers that operate vessels in the oil and gas sector for US$36 million in shares.

The Securities Industry Council (SIC) issued a whitewash waiver in July relieving vendor Chan Kern Ming from the need to make a general offer for SBI Offshore, but shareholders had to green-light the waiver by Oct 17. Then, one day before the deadline, SBI Offshore asked for more time to get that approval.

Now, the SBI Offshore board said that the SIC declined the extension request on Wednesday.

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According to the directors' bourse filing, the SIC has told the company to reapply "when it is certain that there will be no changes to the terms of the proposed acquisition" and when it is able to seek the whitewash resolution within three months of the waiver being given.

The board - which is led by Mirzan Mahathir, the eldest son of Malaysian Prime Minister Mahathir Mohamad - added that the company will submit the re-application "in due course", while the board will update shareholders on any relevant developments.

SBI Offshore, which was suspended from trading from March to October 2019, last traded at S$0.061 but saw no action on Wednesday.