SBI Offshore inks reverse takeover term sheet

Singapore

WITH one week left on the clock before it must justify the viability of its listing status to the regulator, Catalist-listed SBI Offshore has inked a binding term sheet for a reverse takeover valued at US$36 million.

The deal, inked on Tuesday and disclosed the day after, could see SBI Offshore's number of shares almost triple in an issuance to third-party businessman Chan Kern Ming, who owns the 11 offshore-solutions companies that are part of the takeover.