SCOMI 
Group Bhd (SGB) has been classified as a financially distressed company after having slipped into the red since three years ago.
Bursa Malaysia had classified SGB as a PN17 company despite an appeal by the energy and transportation services provider on Sept 3.
Bursa had rejected the application for a waiver on the back of concerns over “the sustainability and growth potential of the existing/remaining business and the ability of SGB to generate sufficient revenue and thus profitability,” SGB said in a Dec 3 bourse filing.
“The board of directors of SGB wishes to announce that the company is now regarded as an affected listed issuer (PN17 company) as it has triggered Paragraphs 2.1(a) and 2.1(e) of PN17 of the Listing Requirements,” SGB added.
SGB, which built the KL Monorail Line, has been bleeding red ink, posting losses of RM107 mil, RM249.97 mil and RM396.17 mil for the financial years 2017-2019 respectively.
