Change - Announcement of Cessation::Retirement of Independent Director - Mahtani Bhagwandas

Issuer & Securities

Issuer/ Manager
SBI OFFSHORE LIMITED
Securities
SBI OFFSHORE LIMITED - SG1Y97950360 - 5PL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
25-Apr-2018 23:33:19
Status
New
Announcement Sub Title
Retirement of Independent Director - Mahtani Bhagwandas
Announcement Reference
SG180425OTHRI1FQ
Submitted By (Co./ Ind. Name)
Mirzan Bin Mahathir
Designation
Executive Non-Independent Chairman
Description (Please provide a detailed description of the event in the box below)
Mr Mahtani Bhagwandas has retired as independent director of the Company after the conclusion of the Annual General Meeting ("AGM") held on 25 April 2018.
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This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor ("Sponsor"), Asian Corporate Advisors Pte. Ltd., for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("Exchange"). The Company's Sponsor has not independently verified the contents of this announcement including the correctness of any of the figures used, statements or opinions made. The Sponsor is satisfied, based on enquiries made, that there are no reasons for the cessation other than those stated in this announcement.

This announcement has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Liau H.K.
Telephone number: 6221 0271

Additional Details

Name Of Person
Mahtani Bhagwandas
Age
50
Is effective date of cessation known?
Yes
If yes, please provide the date
25/04/2018
Detailed Reason (s) for cessation
Mr Mahtani Bhagwandas ("Mr Mahtani") decided not to seek for re-election at the AGM held on 25 April 2018 in view of his working committments and retired as an Independent Director after the conclusion of the AGM of the Company held on 25 April 2018.

Accordingly, Mr Mahtani relinquished his position as Chairman of the Remuneration Committee ("RC") and a Member of the Audit and Risk Management Committee ("ARMC").

The Board noted that following the retirement of Mr Mahtani, the ARMC is unable to meet the requirement of Rule 704(7) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited (SGX-ST). Accordingly, the Board and the Nominating Committee is currently in the process of searching for a suitable candidate to be appointed to the Board to satisfy the requirement on the minimum number of not less than three ARMC members within two months, but in any case not later than three months, from 25 April 2018, pursuant to Rule 704(7) of the Listing Manual Section B: Rules of Catalist of the SGX-ST.

The Board will make appropriate announcement in due course with regards to the appointment of any new Independent Director to the Board.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
14/09/2012
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
5
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of the RC and a member of the ARMC.
Role and responsibilities
Fulfiling the responsibilities of an Independent Non-Executive Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
117,000 - Direct Shares
Past (for the last 5 years)
Please refer to Appendix A
Present
Please refer to Appendix B

Attachments

Appendix A - Mahtani_directorship for past 5 years.pdf
Appendix B -Mahtani-present directorship.pdf
Total size =126K