Swiber seeks legal advice as share sale stalls

Swiber seeks legal advice as share sale stalls

Singapore-listed offshore engineering company Swiber Holdings is seeking legal advice after it revealed today that British firm AMTC Ltd has failed to comply with its obligation to make payment on June 29 of the subscription price of $200m for preference shares in its wholly-owned subsidiary, Swiber Investment Ltd (SIL).

SIL is still in discussions with AMTC in respect of the failed transaction, Swiber said in a release.

Last week the company revealed it is facing outstanding letters of demand for a combined $4.76m from unidentified claimants.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts