Scomi to be delisted on March 31 after company fails to get another extension to submit regularisation plan

TheEdge Tue, Mar 28, 2023 08:50pm - 1 year View Original


KUALA LUMPUR (March 28): After failing to make an RM8 million settlement payment to Malayan Banking Bhd (Maybank), Practice Note 17 (PN17) company Scomi Group Bhd is slated to be delisted from the stock exchange on Friday (March 31).

Announcing this in a filing on Tuesday, Bursa Malaysia Securities said it has rejected Scomi’s request to vary the terms of the condition for the company to pay the RM8 million to Maybank by March 15, and dismissed its appeal for a further extension of time to submit its regularisation plan.

“In the circumstances, the securities of the company shall be removed from the Official List of Bursa Securities on Friday,” it said.

Last month, Bursa Securities gave Scomi a six-month extension to submit its regularisation plan, shifting the deadline to May 31 from Nov 30 last year, but with the condition that the company pays the RM8 million settlement sum to Maybank by March 15.

In the filing dated Feb 13, Bursa Securities said that if Scomi failed to meet the condition, the company will be delisted within two market days after the bourse regulator is notified.

Scomi fell into PN17 status in December 2019, after its shareholders’ equity spread slipped below 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.

Shares in Scomi were suspended from trading on April 20 last year after Bursa Securities rejected the company's request for a further extension of time to submit the regularisation plan. The shares evaded delisting two days later, after it submitted an appeal.

Scomi has been loss-making for the past six consecutive financial years, from 2017 to 2022.

For the financial year ended March 31, 2017 (FY2017), the group posted a net loss of RM107.59 million, which swelled to RM248.48 million in FY2018.

The group subsequently changed its financial year end to June 30, and reported a net loss of RM378.65 million for the 15-month period ended June 30, 2019 (FY2019).

Scomi posted a net loss of RM266.24 million for FY2020, and RM16.77 million for FY2021. After changing its financial year end to Dec 31, Scomi logged a net loss of RM45.29 million for the 18 months ended Dec 31, 2022 (FY2022).

Read also:
Scomi Group granted another six-month extension to submit regularisation plan
 

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