De-Listing of Scomi Group Berhad

Bursa Malaysia Securities Berhad (Bursa Securities) had:-

(a)   rejected Scomi Group Berhad’s request to vary the terms of the condition for the company to settle/pay the settlement sum of RM8 million to Malayan Banking Berhad on or before 15 March 2023 as stipulated in Bursa Securities’ letter dated 13 February 2023; and

(b)   dismissed the Company’s appeal for a further extension of time to submit its regularisation plan to the relevant authorities for approval and decided to de-list the company pursuant to paragraph 8.04 of Bursa Securities Main Market Listing Requirements.

In the circumstances, the securities of the company shall be removed from the Official List of Bursa Securities on Friday, 31 March 2023.

Effect of De-listing from the Official List of Bursa Securities

With respect to the securities of the company which are currently deposited with Bursa Malaysia Depository Sdn Bhd (Bursa Depository), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the company who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.

Upon the de-listing of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and businesses and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.