PETALING JAYA: Bursa Malaysia Securities Bhd (Bursa Securities) has decided to delist Scomi Group Bhd this Friday following its failure to settle a sum of RM8 million owed to Malayan Banking Bhd (Maybank).
In a filing today, Bursa Securities said it had rejected Scomi’s request to vary the terms of the condition for the company to settle/pay the settlement sum of RM8 million to Maybank on or before March 15, 2023 as stipulated in its letter dated Feb 13, 2023.
The stock exchange regulator also dismissed the Practice Note 17 (PN17) company’s appeal for a further six months extension of time to submit its regularisation plan to the relevant authorities, and decided to delist it pursuant to Paragraph 8.04 of Bursa Securities Main Market Listing Requirements.
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. However, the condition was the company pay the RM8 million settlement sum to Maybank by March 15.
“Bursa Securities has decided to reject Scomi’s request to vary the terms and conditions for the company to settle and pay the sum of RM8 million to Maybank before March 15,” Scomi said in a filing with Bursa Malaysia today.
“Under these circumstances, the securities of the company will be removed from the official list of Bursa Securities on March 31,” it added.
The group had fallen into PN17 status in December 2019 and its shares suspended from trading on April 20 last year after Bursa Securities rejected its request for a further extension of time to submit the regularisation plan. It managed to avoid delisting then after submitting an appeal.
Scomi, which describes itself as a global service provider in the oil & gas and transport solutions industries, has been loss-making for the past six consecutive financial years from 2017 to 2022.
The regulator noted that upon the delisting, the company will continue to exist but as an unlisted entity.
“The company is still able to continue its operations and businesses as well as proceed with its corporate restructuring, and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” it added.
In its filing, Scomi said the company’s securities could remain deposited with Bursa Depository Sdn Bhd, notwithstanding the delisting of the securities.
“It is not mandatory for the securities of a company that has been delisted to be withdrawn from the Bursa Depository.
“Alternatively, shareholders who intend to hold their securities in the form of physical certificates could withdraw these securities from their Central Depository System accounts maintained with Bursa Depository at any time after the securities of the company have been delisted,” it said. - FMT
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