KUALA LUMPUR (Sept 28): Scomi Group Bhd’s share placement plan fell through because “the placee did not meet the listing requirement, according to its filing with Bursa Malaysia this evening.  

“On behalf of the Board of Directors of SGB, KAF Investment Bank Bhd wishes to announce that the first tranche placement was not implemented as the placee did not meet the requirement pursuant to Paragraph 6.13 of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd,” its filing said.

The group said a new placement price will be determined and announced later.

On June 5 the group announced that it would undertake a private placement for third party investors to raise up to RM19.02 million, to be used mainly for working capital.

The placement would involve 158.5 million new shares or 10% of total issued shares. It had previously fixed the price for the first tranche comprising 54.69 million shares at 12 sen a share.

Scomi’s shares closed down one sen to eight sen, with 2.82 million shares done for a market capitalisation of RM76.82 million.