Scomi Energy is now a PN17 company

KUALA LUMPUR: Scomi Energy Services Bhd has slipped into Bursa Malaysia’s Practice Note 17 status.

Bursa said Scomi Energy had met the criteria subject to Paragraph 2.1 (e) of Practice Note No. 17 (PN17) of its Main Market listing requirements.

It added that it would continue to monitor the company’s progress in compliance with the listing requirements.

On Oct 31 last year, Scomi Energy triggered the PN17 criteria after its shareholders’ equity on a consolidated basis fell below 50 per cent of its issued share capital as at June 30 2019.

Bursa said as of January 21 this year, there were 27 companies under PN17 and GN3 representing 2.99 per cent of the 901 companies listed on the ACE Market and Main Market.

Shares of Scomi Energy and its holding company Scomi Group Bhd were suspended today ahead of the announcement.

Scomi Group owns 65.64 per cent of the stake in Scomi Energy.

Prior to the suspension, Scomi Group’s share price closed 1.5 sen or 25 per cent at 4.5 sen for a market capitalisation of RM43.21 million.

Scomi Energy shares fell one sen or 12.5 per cent to 7.0 sen for a market capitalisation of RM163.91 million.

Source: NST