Scomi Rail placed under receivership

PETALING JAYA: Scomi Group Bhd said Scomi Rail Bhd, an indirect wholly owned subsidiary of the company, has been placed under receivership by Malayan Banking Bhd (Maybank).

The company, in a filing with Bursa Malaysia today, said Datuk Adam Primus Varghese Abdullah of Messrs Adamprimus, was appointed by Maybank as receiver and manager over the properties of Scomi Rail.

"This appointment will not have any significant financial or operational impact on Scomi Group for the financial year ending June 30, 2019. No material loss is expected to arise from the appointment based on the present assessment," it said.

The net book value of the property of Scomi Rail as at March 31, 2018, including all current and non-current assets, was RM506.98mil.

Scomi Rail had on Feb 8 received a notice of demand dated Jan 25 from Maybank for a sum of RM201.91mil after the company failed to pay the amount due.