Thursday, July 28, 2016

Swiber Holding Winding down - Share halt trading 27 July

OIL and gas contractor Swiber Holdings has filed a winding-up application, and its directors have resigned to pursue their own interests, the company announced on Thursday.

The company has also filed an application to place the company under provisional liquidation. Cameron Lindsay Duncan and Muk Siew Peng have been appointed as the joint and several provisional liquidators of the company.

The winding-up application will be heard in court on Aug 19.

Executive director and vice chairman Francis Wong, executive director and chief financial officer Leonard Tay and executive director Nitish Gupta have all resigned "to seek new opportunities".

The company said in a separate announcement on Thursday that it was facing letters of demand for about US$25.9 million in total, and that it is seeking legal advice.

On Monday, the company said it was facing just US$15.2 million in outstanding demand letters for which legal proceedings had not commenced, and US$4.76 million of outstanding demand letters that had not been paid off.

Shares of Swiber have been halted from trading since July 27.

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