Scomnet warrants to be listed Friday

  • Business
  • Thursday, 27 Jun 2019

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

PETALING JAYA: Medical cable company Supercomnet Technologies Bhd’s (Scomnet) additional 214,332,839 new warrants issued following the bonus issue of warrants will be admitted to the official list of Bursa Securities with effect from 9am on Friday.

Scomnet closed up one sen to 85 sen.

Since Scomnet acquired the remaining 80% of its subsidiary, Supercomal Medical Products Sdn Bhd, in October 2017, its earnings have been on an upward trajectory.

For its first quarter to March 31, Scomnet’s net profit jumped to RM3.75mil from RM1mil in the same period of the previous year. Revenue more than doubled to RM24.97mil from RM11.81mil. For its financial year ended Dec 31, 2018, the company announced a huge jump in its net profit to RM12.17mil from RM2.59mil previously.

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