SBI Offshore requests trading halt

SINGAPORE - Toubled offshore marine firm SBI Offshore called for a trading halt before markets opened on Friday morning (Sept 9) pending the release of an announcement.

The action follows a report in the Business Times on Friday that the company's founder and largest shareholder Tan Woo Thian is attempting to oust current CEO Chan Lai Thong from the board and appoint four new directors.

SBI Offshore also faces the release of an audit alleging possible breach of securities laws in past transactions involving an associate company.

It will be holding an extraordinary general meeting (EGM) next Friday.

The company, which is diversifying into the solar energy business, sank into a net loss of US$1.5 million for the six months ended June 30 from a net profit of US$6,000 a year ago.