Bursa Securities to delist Scomi, dismisses regularisation plan extension application

KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Securities) has decided to delist the SCOMI GROUP BHD’s securities from the official list of Bursa Securities pursuant to paragraph 8.04 of the Main Market Listing Requirements.

In a filing with Bursa Malaysia today, Scomi said Bursa Securities had, via a letter dated March 28, dismissed the company’s appeal for a further six months extension from the decision of Bursa Securities to submit its regularisation plan to the relevant authorities for approval.

"Bursa Securities has decided to reject SGB’s request to vary the terms and conditions for the company to settle and pay the sum of RM8 million to Maybank before March 15, 2023,” it said.

The company also said that the rejection was as stipulated in Bursa Securities’s letter dated Feb 13, 2023, whether Maybank was willing to consider SGB’s revised offer for the cash settlement or revise the timeline stipulated in the condition to pay to match the timing of Maybank’s decision vis-a-vis the revised Maybank offer.

"Under these circumstances, the securities of the company will be removed from the official list of Bursa Securities on March 31, 2023,” it said.

SGB said the company’s securities could remain deposited with Bursa Depository Sdn Bhd, notwithstanding the delisting of the securities.

"It was not mandatory for the securities of a company that has been delisted to be withdrawn from the Bursa Depository.

"Alternatively, shareholders who intend to hold their securities in the form of physical certificates could withdraw these securities from their Central Depository System accounts maintained with Bursa Depository at any time after the securities of the company have been delisted,” it said.

SGB also said the company would continue to exist but as an unlisted entity upon the delisting while being able to continue its operations as well as businesses proceed with its corporate restructuring.

"Shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” it said. - Bernama

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