Scomi aborts RM214m cash call, to explore fresh proposal

KUALA LUMPUR (March 20): Scomi Group Bhd, which had in May last year planned to make a cash call to raise up some RM214 million to pare down its debts, has decided to call off the multiple corporate exercises.

The proposed corporate exercises included a rights issue sweetened by free warrants, share consolidation, liabilities settlement and shares capital reduction.

In a filing with Bursa Malaysia today, Scomi’s board of directors have decided to abort the proposals due to the current market conditions as well as the deteriorating market price of its shares.

“The board shall explore a fresh proposal, to comprehensively address the company’s current PN17 status," said Scomi.

Scomi was first regarded as a PN17 company on Dec 3 last year after it failed in its application to obtain a waiver for the status from Bursa Securities.

Shares of Scomi closed half a sen higher at 1.5 sen today, valuing the company at RM16.41 million.

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https://www.theedgemarkets.com/article/scomi-group-makes-cash-call-recap...