SGX RegCo orders Mirzan Mahathir-linked SBI Offshore to make special audit

SINGAPORE (Dec 21): SGX RegCo is compelling SBI Offshore to appoint a special auditor to probe the recently completed sale of a property in China, where the transacted value was less than half of a recently appraised value.

Mirzan Mahathir, who is also the eldest son of Malaysia's Prime Minister Mahathir Mohamad, is the executive chairman of SBI Offshore. He became a substantial shareholder back in Sept 2014 after buying 10.8% of the company via a private placement at 26.05 cents per share.

He has increased his stake since then. On Dec 7, Mirzan bought 19,000 shares at 6 cents each, lifting his stake marginally to 46.7 million shares, or 18.72%.

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