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Scomy Energy gets shareholders' nod for sale of oilfield services business for RM21 mln

08/08/2022 06:19 PM

KUALA LUMPUR, Aug 8 (Bernama) -- Scomi Energy Services Bhd (SESB) shareholders have approved the disposal of the company’s oilfield services business for RM21 million cash at its extraordinary general meeting held today.

The approved disposal consists of 100 per cent equity interest in Scomi Oilfield Ltd together with nine of its subsidiaries and 48 per cent equity interest in Scomi KMC Sdn Bhd to Cahya Mata Oiltools Sdn Bhd.

“The shareholders also approved the disposal by Scomi Oiltools Sdn Bhd, a subsidiary of SESB, of its equity interest in Scomi KMC Sdn Bhd, Scomi Oiltools Gulf WLL, its property in Dataran Prima and its inventories and equipment to Oiltools International Sdn Bhd,” the company said in a statement today.

SESB chief executive officer Amirul Baharom said SESB has been classified as a Practice Note (PN) 17 company by Bursa Malaysia Securities Bhd since Oct 31, 2019, and the company is required to submit a regularisation plan to uplift its PN17 status by Nov 30, 2022.

“This disposal of the oilfield services business is part of the rehabilitation of SESB in line with developing its regularisation plan,” he said.

Since triggering the PN17 status, SESB has undertaken several initiatives toward rehabilitation of the company, including judicial management, which is a corporate recovery mechanism accorded to companies in financial distress.

SESB has also completed the disposal of its marine business, PT Rig Tenders Indonesia, as a precursor to its PN17 regularisation plan.



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