SGX RegCo to probe Mirzan Mahathir-linked SBI Offshore for potential breach of listing rules

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SINGAPORE (June 12): SGX RegCo is looking into SBI Offshore for potential listing rule breaches, as well as potential contravention of directors’ fiduciary duties, following the release of a special audit by RSM Corporate Advisory.

SBI Offshore, whose executive chairman is Mirzan Bin Mahathir, son of former Malaysian prime minister Dr Mahathir Mohamad, has been on SGX RegCo’s sights for years.

Mirzan became a substantial shareholder of SBI Offshore back in Sept 2014, after buying 10.8% of the company via a private placement at 26.05 cents per share.

The special audit was compelled by SGX RegCo back in December 2018, to probe the sale of a factory in China sold by SBI Offshore at just...(click on link for full story on theedgesingapore.com) 

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