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PRACTICE NOTE 17 / GUIDANCE NOTE 3 : OTHERS

SCOMI GROUP BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
OTHERS
Description
SCOMI GROUP BHD ("SGB" OR "THE COMPANY")
- SGB TRIGGERED PARAGRAPH 2.1(F) OF THE PRACTICE NOTE 17 ("PN17") OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("LISTING REQUIREMENTS") ("BURSA SECURITIES")

Reference is made to our announcement made on 3 December 2019, whereby we announced that the Company was an affected listed issuer (“PN17 Company”) as it had triggered Paragraphs 2.1(a) and 2.1(e) of PN17 of the Listing Requirements (“First Announcement”), our monthly announcement made on 3 January 2020 (“Monthly Announcement”) and the default in payment announcement made on 21 January 2020 (“Default in Payment Announcement”). Unless otherwise defined, the terms herein shall bear the same meaning as defined in the First Announcement, Monthly Announcement and Default in Payment Announcement.

 

The Board had, on 21 January 2020, announced that the Company has defaulted in repaying in full by one bullet repayment of RM21.00 million each to TSWA and GGSB, respectively, pursuant to the TSWA Loan Agreement and GGSB Loan Agreement.  The total amount defaulted is RM42.00 million together with interest, which was due on 18 January 2020.  After further reasonable inquiry into the affairs of the Company by the Board, the Board is of the opinion that the Company is not solvent and unable to provide to Bursa Securities a solvency declaration as required under Paragraph 9.19A(4) of the Listing Requirements.

 

Pursuant to the above, we wish to announce that the Company has further triggered the prescribed criteria under Paragraph 2.1(f) of PN17 of the Listing Requirements on 20 January 2020.

 

We wish to announce that we are in the midst of finalising a plan to regularise our financial condition (“Proposed Regularisation Plan”) and the announcement on the same will be made in due course in accordance to the Listing Requirements. The Company has approximately eight (8) months to submit its Proposed Regularisation Plan to the relevant authorities for approval.

 

This announcement is dated 21 January 2020.






Announcement Info

Company Name SCOMI GROUP BERHAD
Stock Name SCOMI
Date Announced 21 Jan 2020
Category General Announcement for PLC
Reference Number GA1-20012020-00080