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Swiber pursues AMTC’s breach of agreement, remains open to investors

Swiber pursues AMTC’s breach of agreement, remains open to investors
Swiber Holdings is pursuing a breach of terms under a subscription agreement by London-based private equity firm AMTC and remains open to “serious investors”, according to Swiber’s interim judicial managers (IJMs).

Following the signing of a subscription agreement on 9 June between AMTC and Swiber Investment Limited (SIL) whereby AMTC will subscribe for 1,000 preference shares issued by SIL for a total of $200m, there has been no progress to date.

The completion of the subscription was to originally take place on or before 16 June, but amended to 29 June. On 27 June, AMTC asked for further extension of the deadline but SIL refused, the IJMs said in a statement.

On 2 July, SIL further demanded AMTC to make payment of the monies due under the subscription agreement but to date no payment has been made. SIL has engaged legal advisors to advise on the next course of action against AMTC to enforce their legal rights.

Bob Yap, one of the three IJMs and head of advisory at KPMG in Singapore, said: “We are open to discussions with any serious investors.”

Swiber, whose main business is in engineering, procurement, installation and construction (EPIC) services focusing on the field development stage, stunned investors when it filed for liquidation in late-July, only to reverse its move in favour of putting itself under judicial management.