It is already done deal mostly to be delisted as if they can, they already make all the effort to avoid delisted, so pointless to think it is possible for a turnaround, anyway, just the minor shareholder total loss, the major shareholder still with the company.......
They have planned all these out long time ago.. slowly to die ma! All da BODs korek sini, curi curi sikit x2.. habislah. Thats the norm.. based on syariah compliance :D
Scomi Group Bhd sank to its all-time low of half a sen on Tuesday, after slipping two sen or 80% amid a potential delisting of the PN17 company. On Monday, Scomi announced that it faces being delisted following the regulator's rejection of its request for further extension of time to submit its regularisation plan. Trading of its shares is slated for suspension with effect from April 20.
In stk mkt trading or investing, you win some & lose some. After reviewing & reflecting, time to realign, rebalance & recover. A stk worth consideration is Genting Bhd. Operations in Msia, Spore, UK, Egypt, USA. Involved in other industries; oil & gas, plantations, biotech/biomed, etc. Do your own due diligence. Your money, your decision.
Pursuant to the Notice, Bursa Securities had informed that according to paragraph 8.04(5) of the MMLR:-
1. the trading in the securities of SGB will be suspended with effect from 20 April 2022; and
2. the securities of the Company will be de-listed on 22 April 2022 unless an appeal against the de-listing is submitted to Bursa Securities on or before 18 April 2022.
The Board of Directors of SGB submitted an appeal against the de-listing of SGB to Bursa Securities on 18 April 2022.
The Company will make the necessary announcement with regard to any development on the above.
"Maybank's " agreed to accept a settlement sum of RM8 million in cash from the third party identified by SGB as settlement
Bursa Securities has decided to allow the Appeal and grant SGB a further extension of time until 30 November 2022 to submit the regularisation plan to the relevant authorities for approval
KUALA LUMPUR: Bursa Malaysia Securities Bhd has decided to allow the appeal and grant SCOMI GROUP BHD (SGB) a further extension, until Nov 30, 2022, from being delisted from the Official List of Bursa Securities.
In a filing with the exchange, the global service provider in the oil and gas and transport solutions industries said it was given time to submit the regularisation plan to the relevant authorities for approval.
The extended timeframe was due consideration to all facts and circumstances of the matter including the written and oral presentations before the Appeals Committee. — Bernama
KUALA LUMPUR (Dec 20): Scomi Group Bhd's proposed scheme of arrangement with its creditors has received the High Court’s approval.
“At the hearing on Dec 19, 2022, the proposed scheme has been approved by the court and is now binding on the company and the scheme creditors in accordance with Sections 366(3) and 366(4) of the Companies Act 2016 (Order),” Scomi said.
A copy of the order is to be lodged with the Companies Commission of Malaysia, according to its filing with Bursa Malaysia.
The decision came after the majority of its creditors voted in favour of the proposed scheme at a court-convened meeting on Nov 15.
To recap, the High Court had in September granted leave to the company to call for the court-convened meeting in relation to the proposed scheme of arrangement and compromise between the company and its creditors.
Scomi fell into Practice Note 17 status in December 2019, after its shareholders’ equity spread slipped below 25% of its issued share capital and its equity dropped below RM40 million, based on its financial results for the quarter ended June 30, 2019.
The company has asked Bursa Securities for a further extension of time of six months (up to May 31, 2023) to submit its regularisation plan...
SGB also said the company would continue to exist but as an unlisted entity upon the delisting while being able to continue its operations as well as businesses proceed with its corporate restructuring.
“Shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” SGB said.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
OKU_2020
4,853 posts
Posted by OKU_2020 > 2022-04-12 15:05 |
Post removed.Why?