The Singapore Exchange S68 Securities Trading Limited (SGX-ST) has given Swiber Holdings the nod to the company’s proposed delisting from the official list of the SGX-ST.
On June 19, Swiber said that the SGX-ST informed the company via a letter dated June 15 that it has “no objection” to the company’s proposed delisting.
It adds that rule 1307 of the listing manual, where the resolution to delist the issuer has been approved by shareholders who hold at least 75% of the issuer’s total number of shares, is not applicable. Rule 1309 of the listing manual, where an exit offer has to be made to the issuer’s shareholders and holders of other classes or the appointment of an independent financial adviser to advise on the exit offer and deem it fair and reasonable, has been complied with since Swiber will be wound up under the order of the Singapore High Court on Nov 11, 2022.
The SGX-ST’s decision is not an indication of the merits of the proposed delisting, says Swiber.
The discharge and winding-up applications were heard and granted on Nov 11, 2022. The company and its subsidiary, Swiber Offshore Construction (SOC), entered compulsory liquidation on the same day.
On Feb 22, the liquidators submitted an application to the SGX-ST for the company to be delisted from the Mainboard.
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At the time, the company’s liquidators said that the company was not in a position to make any distributions to its shareholders as it was insolvent and under compulsory liquidation. The company also did not have any means to convene a shareholders’ meeting and make an exit offer to its shareholders.
Swiber’s board of directors first applied to wind up the company on July 27, 2016. The company had also filed to place itself under provisional liquidation.
Two days later, Swiber applied to place itself under judicial management instead. The company had, at the same time, applied to discharge the provisional liquidation order and to withdraw the winding up application made just two days ago.
Swiber was placed under interim judicial management by the Singapore High Court on Aug 2, 2016.
