Scomi works to fix its financials

TheStar Sat, Apr 13, 2019 09:15am - 4 years View Original


Could the fortunes of beleaguered Scomi Group Bhd be changing following its settlement agreement with Prasarana Malaysia Bhd?

Scomi Group has been loss-making for some 11 consecutive quarters, and has seen its share price fall from the 90 sen level five years ago to its low of 4.5 sen earlier this year.

How its fortunes have changed from a decade ago.

It was once an oil and gas darling in the early 2000s under then CEO Shah Hakim Zain and his partner Tan Sri Kamaluddin Abdullah. Barely a year after its debut on Bursa Malaysia in May 2003, the stock was trading close to the RM20 level because of its potential from new contracts as well as mergers and acquisitions.

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