<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on May 10, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Malayan Banking Bhd (Maybank) has put Scomi Rail Bhd, an indirect wholly-owned unit of public-listed Scomi Group Bhd, under receivership.</p></div>

<div class=newsTextDataWrapInner><p>Scomi Group announced to the stock exchange yesterday that Maybank has yesterday appointed Datuk Adam Primus Varghese Abdullah of Adamprimus as receiver and manager over the property of Scomi Rail. The net book value of Scomi Rail’s total assets amounted to RM506.98 million as at March 31, 2018.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>However, Scomi Group, which has recently reached an agreement with Prasarana Malaysia Bhd to end the legal gridlock, stressed that Scomi Rail is not a major subsidiary.</p></div>

<div class=newsTextDataWrapInner><p>Scomi Rail had on Feb 8 received a notice of demand dated Jan 25, 2019, from Maybank for RM201.9 million after the company failed to pay the amount due to the bank under a loan granted to it.</p></div>

<div class=newsTextDataWrapInner><p>“The appointment will not have any significant financial and/or operational impact on the company for the financial year ending June 30, 2019,” said Scomi Group in the filing.</p></div>


KUALA LUMPUR: Malayan Banking Bhd (Maybank) has put Scomi Rail Bhd, an indirect wholly-owned unit of public-listed Scomi Group Bhd, under receivership.

Scomi Group announced to the stock exchange yesterday that Maybank has yesterday appointed Datuk Adam Primus Varghese Abdullah of Adamp...

Maybank puts Scomi Group’s unit under receivership

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<p>The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower on Wednesday, owing to weakness in the soybean oil futures on the Chicago Board of Trade and lower crude oil prices.</p>

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