CATALIST-LISTED oil and gas solutions provider SBI Offshore has lost its bid for more time to get shareholders' approval over a planned reverse takeover, it disclosed on Wednesday.
SBI Offshore had inked a deal on Feb 19 to buy a group of marine offshore and solutions providers that operate vessels in the oil and gas sector for US$36 million in shares. The Securities Industry Council issued a whitewash waiver in July relieving vendor Chan Kern Ming from the need to make a general offer for SBI Offshore, but shareholders had to green-light the waiver by Oct 17. Then, one day before the deadline, SBI Offshore asked for more time to get that approval.sentifi.
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