SBI Offshore Ltd Announces Striking-Off Of Joint Venture Company

SBI Offshore Ltd announced that with reference to the announcement made on July 26, 2011 in relation to the joint venture with Hong Hua Holdings Limited to establish a joint venture company in Singapore, known as HS Offshore Pte. Ltd., The Company announced that the shareholders of HS Offshore, in which Hong Hua holds a 70% interest and SBI holds a 30% interest, have mutually agreed to strike-off HS Offshore with effect from June 28, 2012 as it has not commenced operations since its incorporation on July 4, 2011. However, both Hong Hua and SBI will continue to work together on a project-by-project basis. Pursuant to the Strike-off, the total paid-up capital in HS Offshore shall be returned to its shareholders, where Hong Hua and SBI will receive USD698,650 and USD303,442, respectively.