KUALA LUMPUR (Dec 13): Trading in the shares of Scomi Energy Services Bhd will be suspended from 9am to 5pm on Friday, Dec 13 pending the release of a material announcement.

In a bourse filing today, Scomi Energy Services said Bursa Malaysia Securities Bhd had approved its request for the trading suspension.

“The request for suspension is made under subparagraph 3.1(c) of Practice Note 2 on Requests for Suspension of the Main Market Listing Requirements of Bursa Securities pending the release of a material announcement,” it said.

On Oct 31, the company triggered the Practice Note 17 (PN17) criteria after its shareholders’ equity on a consolidated basis fell below 50% of its issued share capital as at June 30.

The company had subsequently submitted a PN17 waiver application to Bursa Malaysia on Nov 1.

Meanwhile, KPMG, Scomi Energy’s external auditor, had expressed material uncertainty over the group’s ability to continue as a going concern based on its financial statements for the financial year ended June 30, 2019 (FY19).

In its independent auditors’ report, KPMG drew attention to Scomi Energy's outstanding guaranteed serial bonds of RM105 million, of which RM55 million is due for repayment on Dec 14, 2019 and the remaining RM50 million due for repayment on Dec 14, 2020.

Scomi Energy Services was last traded at 7 sen, valuing it at RM163.92 million.