Scomi Engineering to delist from Bursa on Feb 28

TheEdge Fri, Feb 23, 2018 06:05pm - 6 years View Original


KUALA LUMPUR (Feb 23): After nearly 22 years as a public listed company, loss-making Scomi Engineering Bhd announced its shares will be delisted next Wednesday (Feb 28), following a successful merger with its parent company.

In a filing with Bursa Malaysia, Scomi Engineering said its shares will be removed from the official list of Bursa Securities on Monday, pursuant to Paragraph 16.07(b) of the Main Market Listing Requirements.

Earlier in August, its parent company Scomi Group Bhd proposed to consolidate its businesses by merging with its engineering and energy units — Scomi Engineering and Scomi Energy Services Bhd, respectively.

However, it became a three-way-turned-two merger, when shareholders of its energy unit rejected the offer at a court convened meeting. 

The merger, done via a members' scheme of arrangement involving a share swap and an issuance of warrants, would see Scomi Engineering undergo a delisting process, making it wholly-owned by Scomi Group.

According to its bourse filing, the merger will enable Scomi to obtain full control of Scomi Engineering by making it its wholly-owned subsidiary, thereby providing synergies and greater flexibility for business planning and execution, besides reducing costs and strengthening the group’s balance sheet.

Incorporated in December 1985, Scomi Engineering — which was formerly known as Bell & Order — went public in June 1996. 

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