KUALA LUMPUR (April 12): Scomi Group Bhd sank to its all-time low of half a sen on Tuesday (April 12), after slipping two sen or 80% amid a potential delisting of the Practice Note 17 (PN17) company.
Some 77.24 million shares were traded. At half a sen, the oil and gas services provider was valued at a mere RM4.56 million.
On Monday, Scomi announced that it faces being delisted from the Main Market of Bursa Malaysia following the regulator's rejection of its request for further extension of time to submit its regularisation plan.
Trading of its shares is slated for suspension with effect from April 20.
Scomi noted that it will be delisted from the Main Market on April 22 unless it files an appeal against the delisting by April 18.
“Any appeal submitted after the time frame will not be considered by Bursa,” it said, adding that any appeal submitted within the time frame will defer the delisting pending a decision on the appeal.
“However, Bursa shall proceed to suspend trading of the company’s securities on April 20 even though the decision on the company’s appeal is still pending,” it added.
In a separate filing on Monday, Scomi said it intends to submit an appeal against the delisting within the appeal time frame.
Scomi 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 the quarter ended June 30, 2019.