Stand taken by SBI Offshore sponsor highly disappointing

THIS Friday's EGM at SBI Offshore (SBIO), requisitioned by three substantial shareholders, will consider the following resolutions: the proposed removal of current CEO Chan Lai Thong as a director, and the proposed appointment of Hui Choon Ho, Lau Yoke Mun, Ong Nai Pew and Geoffrey Yeoh Seng Huat as directors.

The three substantial shareholders - Mr Hui, Dr Ong and Tan Woo Thian - together own about 31 per cent of the issued shares. At the time of SBIO's Catalist listing in November 2009, Mr Hui was the executive chairman and CEO, Mr Tan was an executive director, and Mr Chan was an independent director. Prime Partners Corporate Finance (PPCF) was the manager, sponsor and sub-placement agent, and is its current continuing sponsor.

Mr Lau was an employee of the group from 2014 to 2015, who was later contracted as a service provider to manage finance and corporate matters for the group's renewable energy business in South Africa.