KUALA LUMPUR (July 17): Trading in the securities of Scomi Group Bhd will be halted from 9am till 5pm today pending a material announcement.

In a filing with Bursa Malaysia Securities this morning, Scomi said it had requested for the trading suspension.

This morning, the Edge Financial Daily, citing sources said prominent businessman Tan Sri Wan Azmi Wan Hamzah and former Renong Bhd’s 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.

However, it is not known whether the duo are acquiring the stake in Scomi Group separately or through a jointly controlled investment vehicle.

Having sold his 30% equity stake in Syarikat Pengeluar Air Selangor Holdings Bhd (SPLASH) to Pengurusan Air Selangor Sdn Bhd, Wan Azmi is currently cash-rich.

As the completion of the sale was expected at the end of January, Wan Azmi could then be receiving a RM570 million one-off payment for his 30% stake in SPLASH.

Sources said Scomi Group’s monorail business was the attraction to the two new shareholders. With that, they believe, Scomi Group will be able to participate in the Penang Transportation Master Plan.

The two new shareholders emerge at the time when Scomi is dire need of fresh capital to regain its financial footing.