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Scomi Group proposes corporate exercises to boost financial position

KUALA LUMPUR, May 27 (Bernama) -- Scomi Group Bhd (SGB) plans to undertake a series of corporate exercises, including a share capital reduction, a four-for-one share consolidation and a rights issue of shares with warrants, to put it on a firmer financial footing.

In a filing with Bursa Malaysia, the oilfield and transport solutions group said it proposed to reduce its issued share capital from RM224.96 million to RM40 million.

This would give rise to a tax credit of RM184.96 million that might be used to set off against losses in the near future, it said.

The company also proposed to consolidate every four existing shares in SGB into one SGB share as well as to make a renounceable rights issue of up to three rights shares with one free detachable warrant for every consolidated share.

At an issue price of 18 sen per share, this proposed cash call would raise between RM75.59 million and RM214 million, SGB said.

Under the minimum scenario, the biggest portion of the proceeds would go towards the repayment of advances from 65.65 per cent-owned subsidiary Scomi Energy Services Bhd and a RM23 million cash settlement to Maybank. An additional RM15 million of the total settlement sum would be paid by issuing SGB consolidated shares to the bank.

If the maximum scenario is achieved, SGB would set aside the biggest portion -- RM104.43 million -- for working capital.

SGB expects the proposals to be completed by the second half of this year.

The counter fell 1 sen to close at 7.5 sen today.

-- BERNAMA

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