Press Statement on Si2i Share Buyback Move To Address Shareholder Concerns

Date: May 31, 2017

SIAS is pleased to note that S i2i, which is currently on the SGX watch list, is taking steps to address shareholder concerns which SIAS has raised with the Board of S i2i, following feedback from shareholders at the recent SIAS dialogue session. SIAS notes that the latest announcement by S i2i is a proposal for share buyback for shareholders to approve at an EGM. The share buyback will see part of the company’s cash going back to shareholders and, if done at a meaningful level, should see shareholders’ value improved, as the current share price is trading significantly below the last declared net tangible asset value of the company.

SIAS calls upon Si2i to also address shareholders lingering concerns whether it can exit the SGX Watch List by March 2018. Their concerned is heightened by the fact that the company, to date, has not announced any major acquisition or plans for it to increase its market capitalisation to over S$40 million and to exit the watch list. SIAS will to continue to engage the Board and senior management on further developments on the company and require the company to keep shareholders updated.

David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)