KUALA LUMPUR (Sept 4): Shares of Scomi Group Bhd declined slightly in the early session Wednesday after the group submitted a Practice Note 17 (PN17) waiver application to Bursa Malaysia yesterday.

As at 9.55 am, the counter eased half-a-sen to 7.5 sen with 1.37 million shares exchanging hands.

In a news report yesterday, Scomi announced it has submitted a PN17 waiver application after its shareholders' equity spread fell less than 25 per cent of its issued share capital and the equity dropped below RM40 million, based on its financial results for the quarter ended June 30, 2019.

The group added the news report, has incurred a loss of RM250.5 million for the quarter, with its losses in the oilfield services segment rising by RM20.7 million compared with a year ago, mainly due to a lower gross profit and higher operating expenses.