The letter alleged that the agreements were made without the prior approval of shareholders at an EGM.
Hui and Goh have also asked SBI Offshore not spend any further resources for the purposes of the proposed RTO without the prior approval of shareholders.
In two separate filings on Tuesday and Thursday, SBI Offshore says it is seeking legal advice on the validity of the parties’ requests.
On May 30, 2019, SBI Offshore entered into a binding term sheet with Chan for the proposed acquisition of the entire issued and paid-up share capital of marine offshore and solutions providers Berlitz Offshore Limited, Berlitz Marine, and nine other companies.
The company and Chan had also entered into a share sale and purchase agreement (SPA) for a consideration of US$36 million for the acquisition of the entire issued and paid-up share capital of the same companies, as well as Bes Trust Pte. Ltd. (formerly known as Metico Ocean Services).
As at 3.41pm, shares in SBI Offshore are trading flat at 4 cents.
