KUALA LUMPUR (Feb 17): Former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy has emerged as a substantial shareholder in Scomi Energy Services Bhd, with an 18.1% stake in the oil and gas company.
This follows an off-market trade of 423.96 million of Scomi Energy shares on Friday (Feb 14) to Gelombang Global Sdn Bhd, a wholly-owned unit of United Flagship Sdn Bhd, which in turn has Mohd Zakhir as its sole shareholder.
The shares were transferred to Mohd Zakhir, pursuant to a loan agreement with Scomi Group Bhd dated July 17, 2019.
According to reports, Scomi Group had defaulted on a RM21 million loan from Mohd Zakhir last month, which was securitised against an 18.6% stake in Scomi Energy, owned by Scomi Group.
The ailing Practice Note 17 company also has an exactly similar loan agreement with businessman Tan Sri Wan Azmi Wan Hamzah, although Wan Azmi has not conducted the share transfer for his part.
With the transfer, Scomi Group is left with a 47.5% stake in Scomi Energy, of which another 18.6% is still pledged against Wan Azmi’s RM21 million loan.
Scomi Group is currently contending the transfer of shares, and has obtained an interim injunction from the court to halt the transfer.
The two loans — totalling RM42 million — were extended to Scomi Group as part of the group’s restructuring plan, where it proposed to undertake a rights issue to raise RM214 million.
Under the proposal, Wan Azmi and Gelombang Global have made irrevocable undertakings to subscribe to the rights issue, by offsetting the debt.
On Thursday, Feb 13, Scomi Group had filed injunctions against Gelombang Global and Wan Azmi to block them from taking over Scomi Energy shares.
It also applied for restraining orders against the two parties, to stop them from terminating the irrevocable undertaking in relation with the proposed rights issue.
The injunction has been fixed for hearing on Thursday (Feb 20).
Shares of Scomi Energy closed unchanged at six sen today, giving the company a market capitalisation of RM140.51 million.