Acra: Swiber must hold AGM by Feb 1

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 to hold the AGM and produce the results by Dec 31 next year but Acra refused to sign off on the move.

The regulator also said that the Registrar of Companies is not empowered to consider Swiber's request that it get 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."

The company has said on Nov 7 that the Singapore Exchange (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.