Scomi Group share trade suspension extended

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KUALA LUMPUR (July 18): Scomi Group Bhd said Bursa Malaysia Securities Bhd has approved the oil and gas support services provider's request for trading suspension of its shares with effect from 9am to 5pm today pending the release of a material announcement.

"The request for suspension is made under subparagraph 3.1(c) of Practice Note 2 on Requests for Suspension of the Main Market listing requirements of Bursa Securities pending the release of a material announcement," Scomi Group said in a statement on Bursa Securities' website.

Scomi Group's share trade suspension today is an extension from yesterday's halt in the company's share transaction.

Yesterday, Scomi Group, which also offers transport solutions, said the request for suspension was made under subparagraph 3.1(b)(ii) of Practice Note 2 on Requests for Suspension of the Main Market listing requirements of Bursa Securities pending the release of a material announcement.

Prior to the trade suspension today and yesterday, Scomi Group shares were last traded at nine sen on Tuesday (July 16). Scomi Group's share trade suspension coincided with a news report by The Edge Financial Daily.

The Edge Financial Daily, quoting sources, reported yesterday prominent businessman Tan Sri Wan Azmi Wan Hamzah and former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy are buying substantial stakes in financially stressed Scomi Group.

"It is learnt that their combined stake will be slightly less than IJM Corp Bhd's 21.45% stake in Scomi Group, which has recently proposed a massive recapitalisation exercise to raise RM214 million to revive its financial health," the daily reported.

See also: Wan Azmi said to surface as substantial shareholder of Scomi