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Scomi Group receives letters of demand from two shareholders for RM42m

21 Jan 2020 / 22:52 H.

PETALING JAYA: Scomi Group Bhd has received letters of demand from its two shareholders Tan Sri Wan Azmi Wan Hamzah and Gelombang Global Sdn Bhd for the total payment default of over RM42 million.

The group told Bursa Malaysia that it had received a letter of demand on Jan 20 from Messrs Mah-Kamariyah & Philip Koh Advocates & Solicitors, issued for and on behalf of Tan Sri Wan Azmi Wan Hamzah, demanding repayment of RM21.9 million.

The payment is due within five days of the date of the letter of demand.

At the same time, the group had also received a letter from Gelombang Global Sdn Bhd (GGSB), demanding full payment of RM21 million, plus accrued interest of RM854,000 within five days from the date of the letter.

“The company is not able to meet its obligation to repay the TSWA loan and GGSB loan on the repayment deadline due to financial constraints and therefore has defaulted on its loan payment to Wan Azmi and GGSB,” Scomi said.

The repayment deadline was on Jan 18.

Scomi said it was engaging with TSWA and GGSB on this matter and intends to submit a comprehensive proposal to restructure the loan facility.

Scomi became a Practice Note 17 (PN17) company last month after its shareholder equity fell below the 25% threshold with modified opinion from its auditors.

To recap, In July last year, Scomi announced that it had entered into loan agreements with both Wan Azmi and GGSB for an RM21 million loan to be extended by each of them – part of its multiple proposals to reduce its liabilities and improve its capital base, including the reduction of its issued share capital from RM224.96 million to RM3 million and consolidation of every four shares to one.

Their loans are securitised against 435.23 million shares in Scomi Energy that Scomi owns.

Trading in Scomi and Scomi Energy was suspended yesterday pending the material announcement.

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