Date: February 8, 2013
Singapore, February 8, 2013 – Following shareholders” unhappiness over the consistent incurring
of losses, SIAS President, Mr David Gerald met with the Chairman of Si2i, Dr BK
Modi, at SIAS office this afternoon. SIAS sought Dr Modi’s explanation on the
recent company’s quarterly results reporting a $16.7m loss, and cash position
down from $288m to less than $60m.
Dr Modi explained that the main reason for the loss is a change of
technology which the managements of the company’s subsidiaries which they had
acquired in Indonesia, Malaysia and Thailand, had failed to recognize the
change in technology and were slow to react. The Company has since changed the
management teams in these countries with professional managers and also
embarked on leveraging on Android technology for it’s phones.
According to Dr Modi, the turn around of the company is very much
dependent on a Singapore operator accepting their phones and being a Singapore
listed company, he is hopeful that a Singapore operator would distribute the
Si2i Android phones. Dr Modi has brought back the former CEO to
Singapore, to ensure that the phones are accepted by a local operator.
SIAS also addressed it’s concerns about the Board being dominated
by Dr Modi’s family. According to Dr Modi, his daughter has already resigned
and Dr Modi is on the lookout for a Director with the appropriate technology
knowledge, besides his son and 2 other Directors with such
experience, to strengthen the Board.
Dr. BK Modi has also assured SIAS that Board independence is
paramount to him. The Board is currently represented by 1/3 independent
directors.
SIAS will be holding a dialogue session on 5th March 2013 with the
Company’s shareholders to offer an opportunity for the senior management to
inform them of developments in the Company.
David Gerald
President / CEO
SIAS
