Scomi Group gets another reprieve from delisting

TheEdge Wed, Jun 15, 2022 09:00pm - 1 year View Original


KUALA LUMPUR (June 15): Bursa Securities has granted a further extension of time until Nov 30 to ailing oil and gas service provider Scomi Group Bhd to submit its regularisation plan for approval.

In a bourse filing on Wednesday (June 15), Scomi, a Practice Note 17 (PN17) company, said the regulator's decision was made after considering the written and oral presentations before the appeals committee including the fact that Malayan Banking Bhd — Scomi's largest creditor with the RM151.27 million owed to the bank representing 55.9% of the company's outstanding liabilities — had agreed to accept a settlement sum of RM8 million in cash from a third party identified by Scomi as settlement.

Trading of Scomi's shares was suspended on April 20, following Bursa Securities' rejection on April 11 of its request for a further extension of time to submit its regularisation plan. The securities of Scomi were supposed to be delisted on April 22, but it submitted an appeal against the delisting to Bursa Securities.

Still, Bursa Securities said it will delist the securities of Scomi from Bursa Malaysia in the event that the company fails to submit the regularisation plan by Nov 30, and if it fails to obtain the approval for the implementation of its regularisation plan and does not appeal within the stipulated time frame.

Scomi fell into PN17 status in December 2019, after its shareholders' equity spread fell to less than 25% of its issued share capital, and its equity dropped below RM40 million based on its financial results for the quarter ended June 30, 2019.

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