Scomi Group appoints receiver and manager of SRB’s property

  • Business
  • Friday, 10 May 2019

Scomi Group told StarBiz the asset disposal is one of the avenues to reduce the debt position.

PETALING JAYA: SCOMI GROUP BHD has appointed Datuk Adam Primus Varghese Abdullah of Messrs Adamprimus as receiver and manager of the property of Scomi Rail Bhd (SRB), an indirect wholly owned subsidiary of the company, by Malayan Banking Bhd (Maybank).

This follows the powers contained in a debenture dated Sept 30, 2016 issued by SRB in favour of Maybank.

Adamprimus is an independent firm of chartered accountants specialising in restructuring and reorganisation services.

In a filing with Bursa Malaysia, Scomi Group said that SRB is a wholly owned subsidiary of Scomi Engineering Bhd (SEB), which in turn is a wholly owned subsidiary of Scomi Group.

It is involved in the design, manufacture and supply of monorail trains and the provision of related engineering support services and engineering works.

SRB is not a major subsidiary of the Scomi Group.

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

SRB had on Feb 8 received a notice of demand dated Jan 25 from Maybank for a sum of RM201.91mil arising from the failure by SRB to pay the amount due to Maybank under bank facilities granted by Maybank to SRB.

This appointment will not have any significant financial or operational impact on Scomi Group for the financial year ending June 30, 2019.

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