Press Statement – SBI Offshore AGM: United We Stand, Divided We Fall

Date: April 24, 2018

The unhappiness of minority shareholders at SBI Offshore is well known in the market. It is largely due to the lack of results in the hunt for new business by the board since the last AGM. Most importantly, the share price has tanked drastically though the company is cash rich. They are asking why? Investors are sitting on losses. Still, there is no light at the end of the tunnel, they say. Now, they are getting ready for the AGM on Wednesday.

AGM is the right forum for shareholders to raise relevant questions like what has the board being doing since last AGM; why is the share price down so drastically; currently, what is the management occupied with; what immediate plans has the board for the shareholders; what is the plan for board renewal ensuring that only performing directors are nominated;

It is a positive sign that shareholders are getting together and, therefore, it is timely that a plan be hatched. The company is cash rich and it could be an easy target for RTO. It is important to create value and not destroy and not allow emotions or egos to be in the way.

SIAS calls on all parties to act in the interest of the company and stakeholders.

David Gerald
President & CEO
Securities Investors Association (Singapore)