SCOMI Group Bhd’s application to stop Tan Sri Wan Azmi Wan Hamzah and Datuk Mohd Zakhir Siddiqy from taking over a 37.2% stake in Scomi Energy Services Bhd has been dismissed by the High Court on Feb 21.
The duo had given a loan to Scomi Group two months after it announced its restructuring plan, which entails raising up to RM214 mil via a rights issue to recapitalise the company. Wan Azmi and Mohd Zakhir’s private vehicle, Gelombang Global Sdn Bhd (GGSB) made an irrevocable undertaking to subscribe to the proposed rights issue.
Following the High Court’s dismissal of Scomi’s application, Wan Azmi and GGSB will emerge as new substantial shareholders in Scomi Energy as they can go ahead with transferring the shares pledged to them in return for the loan to Scomi Group.
The company said it is seeking legal advice on its next course of action and will announce further developments in due course.
Scomi Group had requested for a halt in the trading of its shares today at 2.57pm and trading resumed at 3.57pm. Its shares were traded at 3.5 sen at 5pm. – Feb 21, 2020
