KUALA LUMPUR (March 22): Scomi Energy Services Bhd's substantial shareholder Datuk Mohd Zakhir Siddiqy Sidek has pared his shareholding in the Practice Note 17 company via the sale of 25 million shares or a 5.34% stake last week.

The shares, held via Gelombang Global Sdn Bhd, were sold across three tranches between March 17 and March 19.

The counter spiked to a nine-month high of 16.5 sen during the period, before losing steam to close at 11 sen today.

With the disposal, Zakhir is left with 59.79 million shares, representing a 12.77% stake, in Scomi Energy.

The former Renong Bhd managing director obtained the initial 18.11% stake in Scomi Energy in February 2020, after Scomi Group Bhd defaulted on two loans worth RM21 million each from Mohd Zakhir and Tan Sri Wan Azmi Wan Hamzah.

The loans were advanced by the duo as potential white knights to Scomi Group in 2019, as part of a now-stalled restructuring within Scomi Group to clean up its balance sheet. In return, the group pledged a combined 37.2% stake in Scomi Energy against both loans.

Scomi Group eventually lost the shares in court after defaulting on the loans, and having failed in its attempt to block the transfers of ownership of the shares to both lenders.

According to Scomi Energy's annual report, Scomi Group remains the largest shareholder in the company with a 29.42% stake, followed by Wan Azmi with 18.11%.

Save for the financial year ended March 31, 2018, Scomi Energy has been loss-making over the last five years.

Scomi Energy shares fell one sen or 8.33% to close at 11 sen today, valuing the company at RM51.52 million.