Mohd Zakhir Siddiqy holds 18% stake in Scomi Energy


KUALA LUMPUR: Former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy Sidek has emerged as a substantial shareholder in Scomi Energy Services Bhd, a filing with Bursa Malaysia showed on Monday.

Zakhir is deemed interest in the 18.1% stake, comprising of 423.96 million shares, which was transacted in an off-market deal on Feb 14.

He is deemed interested by virtue of 100% shareholding in United Flagship Sdn Bhd, the holding company of Gelombang Global Sdn Bhd which acquired the shares.

The reasons followed the transfer of pledged shares pursuant to a loan agreement with SCOMI GROUP BHD dated July 17,2019.

To recap, the Kuala Lumpur High Court had on Feb 13, granted an ad-interim injunction to restrain Malaysian Trustees Bhd to transfer the pledged shares.

Nevertheless, there was an off-market transaction of 423.96 million Scomi Energy shares at midday on Friday at 5.2 sen per share, which was 0.8 sen below the midday price of 6 sen.

StarBizWeek reported that just about seven months ago when they came in as the saviours, now prominent businessman Tan Sri Wan Azmi Wan Hamzah and Gelombang Global are being slapped with lawsuits that are seeking to prevent them from invoking their rights over Scomi Group’s defaulting on two loans from them.

Nobody has got that kind of stake except for Scomi Group, of which 37.17% is held in a pledged securities account by Malaysian Trustees.

Scomi Group filed lawsuits against Wan Azmi and Gelombang Global to restrain them from demanding for the repayment nor to call on the transfer of shares in Scomi Energy.

Malaysian Trustee was also named the second defendant in both suits.

Both Wan Azmi and Gelombang Global came up with RM21mil each as loans for Scomi Group in on July 19 last year, which were securitised against a stake in Scomi Energy.

The total loan of RM42mil was securitised against a total of 870.47 million of Scomi Energy shares, which represents a stake of 37.17%.

The weighted average market price of the pledged shares at that point of time was 9.65 sen, which came up to a total of RM84mil or double the collateral cover.

In a worse case scenario, Scomi Group may eventually lose control of Scomi Energy, which will see its 65.63% stake diminish to only 28.46%.

Scomi Group defaulted on its bullet repayment of RM21mil each to the two parties on Jan 18.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Investors take profit on final day of corporate earnings
Acquisitions brighten Axiata outlook
HLB posts RM981mil Q1 net profit
MyEG net profit doubles to RM150.7mil in Q3
Apple to lose six million iPhone Pros from tumult at China plant
Bursa Malaysia unveils Shares2share scheme
New policies to stabilise real estate financing
Bank Negara expected to further tighten policy
PETRONAS Carigali finalises Kasawari project
Capital A seeks extra time

Others Also Read