KUALA LUMPUR: Scomi Energy Services Bhd appears to be down but out after announcing today that it had applied for a six month extension to submit its regularisation plan to exit its Practice Note 17 status.

In a July 10, 2024 filing with Bursa Malaysia Securities, Scomi Energy said it decided to discontinue the regularisation plan which was announced on Jan 12, 2024 and parted ways with its principal adviser M&A Securities Sdn Bhd Sdn Bhd on July 9, 2024.

Today, Mercury Securities Sdn Bhd submitted an application on behalf of Scomi Energy for a further extension of time until Jan 31, 2025.

Its last time extension will end on July 31, 2024.

Scomi Energy no longer has revenue generating operations and became an investment holding company. For the nine-month period ended March 31, 2024, the company posted a net loss of RM1.1 million. No revenue was recorded.

In January this year, Scomi Energy announced a regularisation plan which involved diversification into the construction business and accepting an RM140.03 million contract from Dhaya Maju Infrastructure (Asia) Sdn Bhd (DMIA) for the construction and maintenance of the proposed upgrades to the Keretapi Tanah Melayu Bhd station and facilities under the Klang Valley Electrified Double Track Phase 2 project.

Scomi Energy also proposed a private placement of 35.125 million new shares, representing 60 per cent of its enlarged issued shares, at 22 sen per placement share to DMIA founder and executive director Datuk Seri Dr Subramaniam Pillai Sankaran Pillai.

https://www.nst.com.my/business/corporate/2024/07/1077863/down-not-out-scomi-energy-applies-6-month-extension-submit