Scomi Group active, up 11% on getting RM42m loans from two new shareholders

(Market Open) The FBM KLCI climbed 0,.25% in early trade this morning, tracking the overnight advance at Wall Street, lifted by gains at select index-linked stocks.

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KUALA LUMPUR (July 19): Shares in ailing Scomi Group Bhd jumped 11.11% in active trade this morning after Tan Sri Wan Azmi Wan Hamzah and Gelombang Global Sdn Bhd (GGSB), a private vehicle of former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy, have committed to invest RM42 million collectively in the firm.

At 9.05am, Scomi added 1 sen to 10 sen with 30.86 million shares done for a market capitalisation of RM109.39 million.

The fresh capital will be injected into Scomi Group by underwriting the proposed rights issue which is fixed at 18 sen per share. Should the cash call be fully subscribed, the two investors will take part in the proposed restricted rights issue, according to the company’s filing with Bursa Malaysia.

Scomi Group said Wan Azmi and GGSB have each committed to underwrite RM21 million worth of rights shares, in the event that the exercise is undersubscribed.