ARE Scomi Group Bhd, Scomi Energy Services Bhd and Scomi Engineering Bhd poised for a group-wide consolidation?
The three companies yesterday requested for a suspension of share trading until Monday.
In separate filings to Bursa Malaysia, the companies said the suspension was because of a pending announcement.
Trading of Scomi Group shares was suspended at 2.57pm, Scomi Engineering at 2.58pm and Scomi Energy at 2.59pm yesterday.
The trading of Scomi Group and Scomi Engineering shares will be suspended until 5pm on Monday. At press time, it is not known when Scomi Energy’s suspension will end.
Scomi Group has 65.6 per cent stake in Scomi Energy and 72.3 per cent stake in Scomi Engineering. Analysts said Scomi Engineering was not in the pink of health and was looking at restructuring its debts.
Scomi Engineering, which has more than 20 years of expertise in railway engineering manufacturing, had a total debt of RM525 million as of March. It is also involved in a legal case with a client, Prasarana Malaysia Bhd.
Scomi Energy shareholders may get a glimpse of the potential consolidation before they convene for its annual general meeting (AGM) on Monday.
Meanwhile, Scomi Engineering will hold its AGM on Tuesday and Scomi Group will hold its shareholders’ meeting next Friday
Scomi Group was last traded 4.55 per cent higher at 12 sen, while Scomi Engineering rose 27.45 per cent to 32 sen and Scomi Energy added 23.81 per cent to 13 sen.