SBI Offshore sells 80%interest in subsidiary

Strategic divestment is part of the design and engineering group’s streamlining of corporate structure.

SBI Offshore Limited on Tuesday said it has entered into a share transfer agreement on 23 August 2010 for the sale of its entire equity interest, representing 80% of the share capital of SBI Pacific Pte Ltd (SBI Pacific), to an independent third party individual, Viswanathan Ramdas for a cash consideration of S$1.00, a release from SBI Pacific said.

SBI Pacific is a company incorporated in Singapore with principal activities in the designing, engineering, fabrication and assembly of certified offshore portable cabins. SBI Pacific was acquired by the Company in July 2008. From a recent review of the Group’s long term strategy, the management is of the view that SBI Pacific does not fit into the Group’s overall strategic business and expansion plans and thus the Divesment will facilitate the streamlining of the Company’s corporate structure.

SBI Offshore said SBI Pacific had been dormant since the ceassation of its operations in December 2009.