KUALA LUMPUR (Feb 18): It appears there is no reconciliation in the ongoing legal tussle between Scomi Group Bhd and two of its lenders over the ownership of a 37.2% stake in Scomi Energy Services Bhd, ahead of a court case this Thursday (Feb 20) on the matter.
Scomi Energy, which on Monday (Feb 17) had announced that Gelombang Global Sdn Bhd — the private investment vehicle of businessman Datuk Mohd Zakhir Siddiqy — had emerged as a substantial shareholder with a 18.1% stake, has amended its previous announcement.
Today, Scomi Energy said Gelombang Global does not own any of its shares.
"Referring to our announcement dated Feb 17, 2020, Gelombang Global Sdn Bhd has, by letter dated Feb 18, 2020, retracted their Section 137 Notices dated Feb 17, 2020 issued to the company. Pursuant thereto, there is no change in the substantial shareholder of the company, and the 423,963,964 shares remain held by Malaysian Trustees Bhd on trust for Scomi Group," Scomi Energy said in a stock exchange filing.
Gelombang Global is in the midst of an ongoing tussle with Scomi Group over the shares, following the latter's default on a RM21 million loan extended by Gelombang Global.
Scomi Group owns 65.64% in Scomi Energy. Last year, it pledged 18.6% stake in Scomi Energy against Gelombang Global’s loan, which it defaulted in late January.
Last week, Scomi Group obtained an interim injunction from the court to stop Gelombang Global from dealing in the pledged Scomi Energy shares, pending a court hearing this Thursday.
The Thursday hearing will be on Scomi Group’s application for an injunction against Gelombang Global from taking over the Scomi Energy shares.
Aside from Gelombang Global, Scomi Group had also defaulted on another RM21 million loan from businessman Tan Sri Wan Azmi Wan Hamzah — also pledged against another 18.6% stake in Scomi Energy. Similarly, Scomi Group had brought Wan Azmi to court to block the share transfer.
Wan Azmi and Gelombang Global had provided the loans as part of a proposed restructuring plan within Scomi Group, that was first announced in May last year.
The restructuring plan involves a rights issue that Wan Azmi and Gelombang Global have given irrevocable undertaking to subscribe to, via the advances.
Shares of Scomi Energy closed half a sen or 8.33% lower at 5.5 sen today, bringing a market capitalisation of RM128.8 million.