SBI Offshore

[cyclone]

23,502.78/289,800 = 0.0811

On 27 October 2016, Pheim Asset Management Sdn. Bhd. sold 289,800 shares for a consideration of SGD23,502.78, excluding brokerage and stamp duties.

[weijian]

This is an upgrade from the recent Datapulse's special audit. SGX RegCo probably learnt from the "previous lesson". Now SGX RegCo has specially mentioned that the scope of the audit has to be cleared by them, and the auditors will only report back to SGX RegCo and the sponsor. No more ownself check ownself.

Reading the company's reply to SGX RegCo on the deal, it does smell - (1) The new valuer is actually paid 3x more than the same valuer who did it for the prior 3 years. Is the new method really that tedious? (2) Commission fees of ~5% (which is substantial) was paid to the ex director/substantial shareholder.

SGX RegCo orders special audit of SBI Offshore over property disposal

SINGAPORE Exchange Regulation (SGX RegCo) has ordered SBI Offshore to appoint a special auditor to investigate its disposal of a factory in China earlier this year.

SBI sold the factory in Jiangsu Province for 18 million yuan (S$3.6 million) on March 15, with the property valued at 17.8 million yuan by Suzhou Welsen Assets Appraisal Co Ltd in August 2017. The figure was a sharp decline from the property's valuations in previous years, which ranged from 38 million to 40 million yuan between 2014 and 2016.

https://www.businesstimes.com.sg/compani...y-disposal

Company's reply to SGX RegCo's previous set of questions: http://infopub.sgx.com/FileOpen/Response...eID=538161

[specuvestor]

I’m observing that SGX has recently increased its bite rather than just bark

Think it’s the right way to go though short term pain. Kudos.