Friday 29 Mar 2024
By
main news image

This article first appeared in The Edge Financial Daily on February 12, 2019

Scomi Energy Services Bhd (+ve)
TRADING of shares in Scomi Energy Services Bhd (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the first time since February 2017.

The counter closed unchanged at 5.5 sen yesterday, with 16.48 million shares done, substantially higher than its 200-day average trading volume of 1.72 million shares.

In a filing with Bursa Malaysia, Scomi Energy said its unit, Scomi Sosma Sdn Bhd, is divesting all interests held in Scomi Anticor SAS to a German procurement firm for US$3.7 million (RM15.21 million).

Acquiring the interests in Scomi Anticor was undertaken in August 2006 for RM4.9 million, and the sale is expected to result in a gain of US$2.3 million (RM9.45 million) for the group, Scomi Energy said, adding it plans to use the proceeds for working capital requirements and to repay borrowings.

      Print
      Text Size
      Share