Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 4): Shares in Scomi Energy Services Bhd surged as much as 2.5 sen or 55.6% to seven sen on Tuesday (Oct 4), after the oil and gas and transport solutions industries services provider said a day ago it is in an agreement for the acquisition of the Petaling Jaya Dispersal Link (PJD Link).

In a filing with Bursa Malaysia on Monday, Scomi Energy announced that it had entered into a framework agreement with PJD Link Holdings Sdn Bhd and Noblemax Resources Sdn Bhd for the acquisition of the PJD Link for an indicative price of about RM922 million.

The parties are expected to enter into a definitive agreement within 60 days. Scomi Energy, commenting on the agreement, said it is part of the regularisation plan to address its Practice Note 17 (PN17) status as well as to maintain its listing status. 

The concessionaire of the proposed PJD Link is seeking a listing on Bursa via the reverse takeover of the PN17 company. 

PJD Link signed the concession agreement with the Government on April 5. The 25.4km, two-lane dual carriageway highway will start after the New Klang Valley Expressway (NKVE) toll plaza on the Damansara Link of the SPRINT Highway and end at the Bukit Jalil Highway Interchange.

Additionally, pursuant to the agreement, the group also proposed to undertake consolidation of 10 existing shares into one new share, it said in a filing with the stock exchange.

It also planned a public issue of 1.55 million new shares (representing 25% of the group's enlarged share capital) after the share consolidation and acquisition, at an issue price to be determined later.

Scomi Energy narrowed its net loss to RM27.59 million for the financial year ended June 30, 2022 (FY22), from RM215.39 million a year earlier. The group has been in the red since FY19.

It fell into PN17 status in December 2019 after its shareholders' equity spread slipped below 25% of its issued share capital and its equity dropped below RM40 million based on its financial results for FY19.

Edited BySurin Murugiah
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