Court approves winding-up of Scomi Engineering

KUALA LUMPUR: Scomi Group Bhd said the High Court yesterday approved winding-up 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 had 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 winding-up Scomi Engineering will not financially or operationally impact the group for the financial year ending June 30, 2020.

It added that Scomi Engineering and its subsidiaries’ assets and liabilities had 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 winding-up Scomi Engineering.

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

The amount claimed was RM7.17 million including costs and interest at 5%.

Scomi Group shares closed up 0.5 sen or 14.29% at four sen yesterday, with a market capitalisation of RM38.41 million.