KUALA LUMPUR (Jan 13): A wholly-owned subsidiary of loss-making Scomi Group Bhd (SGB) has executed a memorandum of agreement (MoA) to collaborate on matters related to supply of power generation solutions and hybrid power generation systems. 

Scomi Capital Sdn Bhd (formerly known as Scomi Energy Sdn Bhd) (SCSB) executed the MoA on Thursday (Jan 13) with XAIR Pulsecor Sdn Bhd, according to a filing with Bursa Malaysia.

XAIR is primarily engaged in the business of providing and manufacturing power generators.

“The parties are desirous to leverage off XAIR’s knowledge in the business of providing and manufacturing power generators and SCSB’s expertise in the business of renewable energy management services.

“The MoA has no effect on the share capital and substantial shareholders’ shareholdings of SGB. Currently, the MoA is not expected to have a material effect on the earnings per share, net assets per share and gearing of SGB for the financial year ending June 30, 2022,” Scomi added. 

Scomi’s shares settled unchanged at three sen on Thursday’s noon break, giving the oil and gas services provider a market capitalisation of RM32.82 million.