SINGAPORE (March 7): An ongoing dispute between S i2i, the provider of IT products and telecom services, and IT company Globalroam has found itself back at the centre of media attention. S i2i is disputing the validity and propriety of the conversion and has initiated legal proceedings against Globalroam as announced on Jan 25. In a Straits Times report on Monday, Thomas Laboulle, chief executive of Globalroam, denied owing S i2i any money on the basis that the loan had already been converted into Globalroam stock, adding that the shareholder action taken by Blue Ocean was not being directed by Globalroam. In a filing on the same night, S i2i again challenged the validity and propriety of the loan conversion and will make further updates to shareholders as legal proceedings are ongoing. As at 3.27pm, shares of S i2i are trading flat at S$2.42.

Source: The Edge Markets March 07, 2017 07:41 UTC