Marine firm Swiber Holdings will be in hot water with regulators unless it holds its annual general meeting and produces its 2016 financial results by Feb 1. Accounting and Corporate Regulatory Authority (Acra) issued the edict yesterday.
Swiber had been granted an extension by the SIngapore Exchange (SGX) to hold the AGM and produce the results by Dec 31, 2018 but Acra refused to sign off on the move. The regulator said the Registrar of Companies is not empowered to consider Swiber's request for more time to appoint new audit committee members to make up the minimum number of three.
Swiber said: "The company is looking into the available options and will keep its shareholders updated on any material developments on this matter."
It had said on Nov 7 that SGX had granted it an extension until Nov 30, 2018, to release statements for the 2016 financial year and Dec 31 2018 to hold the AGM.
The SGX is also said to have agreed to give extra time - until Oct 31, 2018 - for Swiber to fill the vacancies in its audit committee in order to meet the minimum number.
Swiber said it needed the extensions because it was having trouble finding people willing to take on the role of its independent director and audit committee member.
It also pointed to a lack of financial resources to hire new accountants to prepare and finalise its financial results or to engage external auditors to review the numbers.
The firm and its subsidiary, Swiber Offshore Construction, was put under judicial management last October. The High Court has granted an extension until Oct 31, 2018, for the judicial management period of the two entities.