Infocomm company Globalroam Group has said that it is not linked to a disgruntled investor's push for change at Singapore-listed S i2i.
Last week, Blue Ocean Capital Partners, which holds an undisclosed stake in S i2i, asked the firm's chairman and founder, Mr Bhupendra Kumar Modi, to buy out shareholders or have directors replaced.
Blue Ocean is unhappy with the company's management for failing to provide a "clear and cogent plan" to exit the Singapore Exchange watch-list after two years.
The simmering row between the firms went up a notch on Monday last week after S i2i non-executive director Ashok Goyal claimed that Blue Ocean could be linked to the shareholders of Globalroam, which he said owes S i2i about $3.88 million plus interest.
But Globalroam Group chief executive Thomas Laboulle, who could not be contacted by press time last week, told The Straits Times on Friday that the loan mentioned by Mr Goyal was converted into Globalroam stock upon maturity on Sept 23 last year.
Mr Laboulle said this means Globalroam does not owe S i2i any money. He added that the shareholder action taken by Blue Ocean is not being directed by Globalroam.
S i2i shares closed up five cents at $2.50 on Friday.