SCOMIES

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WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR APPOINTMENT OF RECEIVER AND MANAGER FOR A WHOLLY OWNED SUBSIDIARY OF SCOMI ENERGY SERVICES BHD ("SESB" OR "THE COMPANY")

SCOMI ENERGY SERVICES BHD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
APPOINTMENT OF RECEIVER AND MANAGER FOR A WHOLLY OWNED SUBSIDIARY OF SCOMI ENERGY SERVICES BHD ("SESB" OR "THE COMPANY")

Reference is made to the Company’s announcements dated 13 December 2019, 16 January 2020, 21 January 2020, 13 February 2020, 28 February 2020, 3 March 2020, 12 March 2020, 13 April 2020, 13 May 2020, 12 June 2020, 13 July 2020, 14 August 2020, 14 September 2020, 13 October 2020, 13 November 2020, 14 December 2020, 14 January 2021, 15 February 2021, 15 March 2021, 14 April 2021, 17 May 2021, 15 June 2021, 15 July 2021 and 16 August 2021 (“Announcements”). Unless otherwise defined, the terms herein shall bear the same meaning as defined in the Announcements.

 

The Board of Directors of the Company wishes to inform that Mr. Lim Keng Peo care of Deloitte Corporate Solutions Sdn Bhd has been appointed as the Receiver and Manager ("R&M") by OCBC Bank (Malaysia) Berhad (“Security Agent”) on 1 September 2021 over the assets and undertakings (“Charged Assets”) of Scomi Oiltools Sdn Bhd (“SOSB”), an indirect wholly owned subsidiary of the Company, under the powers contained in the Debenture dated 18 November 2013. The net book values of the assets is RM252 million.

 

SOSB was incorporated on 27 February 1982 as a private limited company. The issued share capital of SOSB is RM8,093,000 comprising 8,082,000 ordinary shares. SOSB is primarily involved in the provision of drilling services. SOSB is not a major subsidiary of SESB.

 

On 16 August 2021, the Company had announced that the Security Agent for the SOSB Debenture had issued a default notice to SOSB. Arising from the issuance of this default notice to SOSB, the Security Agent may at any time exercise all its powers under the SOSB Debenture, including and not limited to the appointment of a Receiver to take possession of and sell any of the Charged Assets. The Charged Assets comprise of the fixed and floating charges over all the assets of SOSB.

 

Currently, we do not anticipate any material financial and operational impact of the appointment of R&M at this stage as we are cooperating closely with the R&M to secure their approvals in advance on any operational and financial decisions pertaining to the day-to-day operations of the SOSB.

 

The steps taken by SESB in respect of the appointment of the R&M include:

 

  1. To cooperate and work closely with the R&M to ensure the continued operations of the SOSB business;
  2. To engage our customers and suppliers to minimize any disruption to our ongoing SOSB business; and
  3. To continue to engage our lenders towards an amicable resolution to address the repayment of the Total Secured Amounts including safeguarding the assets of SOSB to ensure continued and uninterrupted impact on its operations.

 

The Company will make the requisite announcements of any developments in due course pursuant to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

 

This announcement is dated 1 September 2021.






Announcement Info

Company Name SCOMI ENERGY SERVICES BHD
Stock Name SCOMIES
Date Announced 01 Sep 2021
Category General Announcement for PLC
Reference Number GA1-01092021-00114