Court approves winding-up of Scomi Engineering

KUALA LUMPUR (Jan 30): Scomi Group Bhd said the High Court today approved the winding-up of its wholly-owned subsidiary Scomi Engineering Bhd.

In a filing with Bursa Malaysia, Scomi Group said it does not intend to contest the winding-up order.

The group said the court appointed lawyer Lim Tian Huat of Messrs Rodgers Reidy & Co as the liquidator of Scomi Engineering, with costs to be paid out of the subsidiary's assets.

Scomi Group said the winding-up of Scomi Engineering will not have any financial or operational impact on the group for the financial year ending June 30, 2020 (FY2020).

It added that the assets and liabilities of Scomi Engineering and its subsidiaries have been deconsolidated from Scomi Group’s consolidated financial statement as at June 30, 2019.

Scomi Group also said no material loss is expected to arise from the winding-up of Scomi Engineering.

On Nov 19, 2018, Scomi Group announced that Scomi Engineering had been served with a winding-up petition by Gemilang Coachwork Sdn Bhd.

The amount claimed was RM7.17 million, which includes costs and interest at the rate of 5%.

Shares of Scomi Group closed up 0.5 sen or 14.29% at 4 sen per share today, for a market capitalisation of RM38.41 million.