Short term possibly no good, long term definitely good, unless GE comes early or US recession bites hard!
But can see price moving upwards for scomimr and erratically for scomi. But end of the year, scomi climbs, without a doubt! In the meantime, parachutes ready! :)
Siew is probably sounding out their wish (and threats) through the media for IJM. I don't think IJM is interested to fight them. ICULS definitely cannot change the fact IJM is in the driving seat. So obviously Abu's faction are keen on the O&G play. IJM has more to earn with scomien and scomi. I think easily 1.5bn BV next year in civil works.
Abu & Siew are in the mining business at Australia, how do you see their entry of Scomi by considering the facts that they are major shareholders of Avalon Minerals Limited :http://www.avalonminerals.com.au/?page=54
both copper mining & O&G are classified as mining industry
Scomi I think will get the MOF, as whispers goes among the industry players. Abu & co just want to milk the earnings in Malaysia. I understand from friends scomi is already in some advance stage of talking with Indonesia already too! But I dunno what it is and if its so with pertamina. Won't have anything to do with Avalon directly, I don't think so. Indirectly, I dunno.
I can only get the link from Bloomberg that Pertamina is buying back all the old oil wells from foreign O&G players in the name of nationalism. They will award a lot of charter awards soon to cope with the demand. That's why scomimr, alam and probably Perisai will probably be in demand to step into the shortages of Pertamina from what I can see.
KC, may i know what degree you graduated in?.. i know this sounds irrelevant here but i'm currently torn between Accounting and Finance, i'm currently studying accounting but the course seems too boring and im not interested in it at all, almost everything feels like an uphill climb with no destination to look forward to.. i took this course because my dad asked me to as it is "guaranteed" to work. I'm really in a dilemma now and doubting myself everyday when i go to class.. i really hope someone maybe in this forum can help me and give my some guidance, advice.. As i look up to people like KC and a lot other veterans here, i would really hope to get some guidance from here.. thx..
it is no longer about the business,albeit using the business to make quick money with the stokcs. Scomi Grp and marine need to call a EGM to for share holders approval for the disposal and purchase of SOL - Scomi Oiltools. The "expected business" - might be a hype, after all it is from the "paragon" of awarding contracts based on merit - our national oil company will be parked under SOL. If SOL is disposed to marine, then shah,abu,ijm etl cut will be diluted by Scomi Grp 45% owned Marine. Would they be better off keeping the deal in scomi grp rather marine. Think about it,,, thats my man in the street take.
Scomein will be reportings a loss again, they have in mumbai for more than 30 months on a 18 months project. Indian rupees and Brazillian rial had depreciated. Forex is going to take a hit. Only hopr for scomi is O & G hype, and hope fully make the monet with the stocks. Ride along for the ride with Scomi Grp for a while, but stay away from marine and scomi engineering
my reading is they are exiting Nigeria by selling SOL as part of restructuring! but good to have man in the street take. no harm! this is Bolehland, afterall!
Judicial & Legislation systems now subservient to Administrative one already. Why not eh? LOL
Not the company but the contracts that is going to be awarded will be parked under SOL the very unit that is going being proposed to disposed to marine.
Oil fluids is under oil tools eastern unit, which is required for green field explorations. Furthermore Scomi is promoting floaters. Which they only one, but need to procure more but funding is a issue
Type : Announcement Subject : TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description : SCOMI GROUP BHD (“SGB” OR “COMPANY”)
PROPOSED DISPOSAL BY SGB OF 100% EQUITY INTEREST IN SCOMI NIGERIA PTE LTD AND 2% EQUITY INTEREST IN OILTOOLS AFRICA LIMITED TO AOS ORWELL LIMITED FOR A TOTAL CASH CONSIDERATION OF USD39.77 MILLLION
Announcement Details/Table Section :
Reference is made to our announcements dated 17 May 2012, 22 May 2012 and 4 October 2012 in relation to the Proposed Disposal (“Announcements”). Unless otherwise stated, all definitions used in the Announcements shall apply in this announcement.
The Board of Directors of SGB wishes to announce that the Proposed Disposal was completed on 17 October 2012.
OTHERS SCOMI GROUP BHD (“SGB” OR “COMPANY”) (I) PROPOSED DISPOSALS BY SGB OF THE FOLLOWING: (A) 76.08% OF THE ISSUED AND PAID-UP ORDINARY AND PREFERENCE SHARES OF SCOMI OILFIELD LIMITED (“SOL”), FOR A TOTAL DISPOSAL CONSIDERATION OF RM776.03 MILLION (“PROPOSED SOL DISPOSAL”); (B) THE ENTIRE ISSUED AND PAID-UP ORDINARY SHARE CAPITAL OF SCOMI SOSMA SDN BHD FOR A TOTAL DISPOSAL CONSIDERATION OF RM6.71 MILLION; AND (C) 48% OF THE ISSUED AND PAID-UP ORDINARY SHARES OF SCOMI KMC SDN BHD FOR A DISPOSAL CONSIDERATION OF RM769,911; (ITEMS (A), (B) AND (C) TO BE COLLECTIVELY REFERRED TO AS “PROPOSED DISPOSALS”) (II) PROPOSED RENOUNCEABLE OFFER FOR SALE OF UP TO 283,245,575 ORDINARY SHARES OF RM0.45 EACH IN SCOMI MARINE BHD (“SMB”) (“SMB SHARES”) HELD BY SGB TO ITS SHAREHOLDERS ON THE BASIS OF 1 SMB SHARE FOR EVERY 5 EXISTING ORDINARY SHARES OF RM0.10 EACH IN SGB (“SGB SHARES”) HELD ON AN ENTITLEMENT DATE TO BE DETERMINED (“PROPOSED OFFER FOR SALE”); AND (III) PROPOSED EXEMPTION TO SGB AND SCOMI ENERGY SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SGB, FROM THE OBLIGATION TO UNDERTAKE A MANDATORY TAKE-OVER OFFER FOR THE REMAINING SMB SHARES NOT ALREADY OWNED BY THEM AFTER THE COMPLETION OF THE PROPOSED DISPOSAL OF THE ENTIRE ISSUED AND PAID-UP ORDINARY AND PREFERENCE SHARES OF SOL TO SMB (“PROPOSED EXEMPTION”) (ITEMS (I) AND (II) TO BE COLLECTIVELY REFERRED TO AS “PROPOSALS”)
Hmmn getting a little confused now :( My understanding is that Abu/Siew are partners, IJM by itself and then ayatollah Shah/Kamaluddin are the other major shareholders in Scomi. so @ Ladahitam Posted by ladahitam > Oct 21, 2012 04:46 PM | Report Abuse at agm scomi shah,abu,ijm etl will try to block the sales of SOL to scomi marine. It does not makes sense If all the above call for AGM to block the disposal of SOL? Prior to Abu/Siew and IJM entering, Scomi is already on stages of restructuring that the sales was included- makes more sense to me if Abu& Siew are the ones opposing and minority as well as they feel their shares will be diluted as the IJM entry to Scomi of RM110 million of Scomi Redeemable Convertible Secured Bonds, where the security provided is Scomi Mr? Izzit Siew not happy because Scomi cancelled the sales of Scomi M ROS to Scomi thus the threat? or that the shareholders are left out of the deal as all future O&G will be parked under Scomi M and wants to block the disposal as this will benefit Scomi M more than Scomi but After the proposed restructuring Scomi will actually own more of Scomi M to the tune of over 66%(somewhere there ) shares than the current what 43%. well one way to find out is going to see how the Scomis fare later on :)
as expected... nothing surprising even if market wasn't down, i think those contrarians will take profit and sell which will bring it down, immediate level 39 - 40sen
old news Frank, and to think we were talking about their motives about 3 weeks ago! hehehe...
what else you expect the management of Scomi to do? get a F rating from MARC? by then even minority will be looking at exit! Siew's faction wants to get their hands at scomimr and they are thinking that the present management is denying them that! first the withdrawal of the proposal, now the said injection of MOF (looks like in the bag) to Scomimr! Siew is probably just a pawn for you know who!
aiyah, wait out the Drama Minggu Ini! whatever it is, Scomi price will definitely climb! sewing parachute!
oh but i'm more concern about getting there since our Rocket is out of order. That is why I'm looking for a Sealed Hot air balloon and be the first to see if it can get us off to the moon.1malaysia bolih mah:)
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KC Loh
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Posted by KC Loh > 2012-10-21 13:51 | Report Abuse
Short term possibly no good, long term definitely good, unless GE comes early or US recession bites hard!
But can see price moving upwards for scomimr and erratically for scomi. But end of the year, scomi climbs, without a doubt! In the meantime, parachutes ready! :)