Scomi Group to absorb energy, engineering units

21 Aug 2017 / 22:46 H.

    PETALING JAYA: Scomi Group Bhd (SGB) plans to consolidate Scomi Energy Services Bhd and Scomi Engineering Bhd into the group to create one listed entity, by swapping new shares of SGB for shares of Scomi Energy and Scomi Engineering, a key move to develop new growth areas in renewable and chemicals, it said.
    SGB also plans to consolidate every two existing shares into one and have a bonus issue of seven warrants for every 10 consolidated shares.
    The deal values Scomi Energy at RM304.46 million, and Scomi Engineering at RM111.14 million.
    Trading in the three companies’ shares has been suspended since 2.57pm last Thursday. SGB last traded at 11.5 sen, Scomi Engineering at 32.5 sen, and Scomi Energy at 13 sen. Trading in their shares resumes today. As at press time, no announcement was made to Bursa Malaysia.
    In a press release issued late last night, the group said it would be offering three new SGB shares for every five Scomi Energy shares and 10 new SGB shares for every seven Scomi Engineering shares.
    One SGB warrant will be issued for every nine new SGB shares issued to Scomi Energy shareholders, and every 10 new shares issued to Scomi Engineering shareholders.
    The new group structure will provide shareholders direct access to group’s business going forward, SGB said.
    “For Scomi Energy’s and Scomi Engineering’s shareholders, the privatisation provides them the opportunity to realise value of their equity at a premium and participate in future growth of the new group. This will also provide SGB with a broader shareholders base and better shareholders spread,” it said.

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