Scomi closer to completing its revamp (7158)

KUALA LUMPUR: Scomi Group Bhd is a step closer to completing its restructuring after signing over RM1 billion worth of deals to take over associate company Scomi Marine Bhd.

Scomi, together with Standard Chartered Private Equity Ltd and Fuji Investments I, was selling the stakes in Scomi Oilfield Ltd (SOL) and Scomi Sosma Sdn Bhd to Scomi Marine for about RM1.02 billion and RM6.71 million, respectively.

The group was also selling its 48 per cent stake in Scomi KMC Sdn Bhd to Scomi Marine for RM769,911,000.

The SOL disposal will be paid by a total of 1.61 billion new Scomi Marine shares priced at 47 sen each and other SOL receivables.

The group, in its announcement to Bursa Malaysia on Monday, said it will make a renounceable offer for sale of up to 283.25 million Scomi Marine shares held by it to its shareholders after completing the disposals.

This is on the basis of one Scomi Marine share for five existing Scomi shares at a price to be announced later.

Upon completion of the SOL disposal, Scomi's stake in Scomi Marine will increase from 42.76 per cent to 65.65 per cent, triggering a mandatory general offer for the rest of the shares.