KUALA LUMPUR (Jan 8): Tanjung Offshore Bhd, which recently aborted a proposed reverse takeover (RTO) by Paris-based oil and gas giant Bourbon SA, has set up an independent committee to "review and make recommendation on matters arising from recent media reports on the company".

In a filing to Bursa on Thursday, Tanjung Offshore said the three member-panel will comprise of its independent directors George William Warren Jr, Datuk Ab Wahab Ibrahim and Shahrizal Hisham Abdul Halim.

On Dec 29 last year, the company told Bursa its deal with Bourbon SA had been called off. The announcement came following an article entitled, “Tanjung Offshore to abort Bourbon RTO deal?” that appeared on The Edge Financial Daily on the same day.

Tanjung Offshore had said then that it had, together with Singaporean Farid Khan Kaim Khan and his business partners Mower Tunggal Jaya PT, Megagold Indonesia PT and Zona Maju Mapan PT (BNI shareholders) and their business partners, as well as Bourbon Far East Pte Ltd, mutually agreed to terminate the heads of agreement (HoAs) they had entered into, in relation to the proposed RTO.

It also noted the parties have decided to mutually terminate the deal, as the economic and financial conditions for an agreement that is satisfying for both parties cannot be met, in view of the declining oil prices.

Tanjung Offshore closed at 35 sen, 2.5 sen or 7.69% higher today, giving it a market capitalisation of RM130.2 million.