Tanjung Offshore sets up independent committee after Bourbon deal fails

Kuala Lumpur: Tanjung Offshore has set up an independent committee to “review and make recommendations on matters arising from recent media reports on the company”, the Malaysia-listed company said in an exchange filing today.

The committee comprises three independent directors of the company: George William Warren Jr, Dato’ Ab Wahab bin Haji Ibrahim and Encik Shahrizal Hisham bin Abdul Halim.

At the end of December, SeaShip News reported that persistently low oil prices had forced the company to cancel its plans for a reverse-takeover of Bourbon Far East, part of France-based Bourbon Offshore.

The merger would have hailed Tanjung Offshore’s return to the offshore support vessel (OSV) market. Currently, the firm mainly offers engineering packages, product services and maintenance.

“The findings and recommendations of the independent committee will be announced as appropriate in due course. The board is committed to the highest standards of corporate governance and transparency, and is always acting in the best interest of all shareholders,” Tanjung Offshore said.

Group advisor Datuk Harzani Azmi has requested that the board’s consideration of his nomination as director be deferred until after the review by the independent committee is completed. [08/01/15]


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