KUALA LUMPUR: The proposed merger of Scomi Group Bhd and its three listed entities is closer to its completion.

Scomi Engineering Bhd and Scomi Energy Bhd today announced in separate filings that their boards of directors are presenting the scheme of arrangement for shareholders' approval.

Each party will file an originating summons with the High Court seeking an order to convene a meeting of the shareholders to consider the scheme.

This proposed merger will involve the acquisition of all Scomi Engineering and Scomi Energy shares not already owned by Scomi Group, which will then be satisfied via a share swap and an issuance of warrants.

At the close of trading, Scomi Group was trading 0.2 sen lower at 17 sen a share on the back of 4.05 million shares done.

Scomi Engineering traded unchanged 29 sen a share on low volume.

Scomi Energy was trading unchanged at 14 sen a share with a turnover of 416,200 shares.

212 reads