Announcement • Feb 04
Scomi Group Bhd Provides Update on Material Litigation Filed by Malayan Banking Berhad Scomi Group Bhd provided update on material litigation high court of kuala lumpur writ of summons no. WA-22NCC-545-11/2020 filed by MALAYAN BANKING BERHAD (plaintiff or MBB) against Scomi Group Bhd. The Company has on 3 February 2023 accepted a further EOT up to (whichever earlier): (a) 31 March 2023 to pay the Settlement Sum; or (b) 30 days from the date of Bursa Malaysia Securities Berhad decision on the Company’s application for further extension of time to finalize and submit the Company’s Regularization Plan to pay the Settlement Sum. Announcement • Nov 16
Malayan Banking Berhad Files Writ of Summons No. Wa-22Ncc-545-11/2020 Against Scomi Group Bhd Material Litigation High Court of Kuala Lumpur Writ of Summons No. Wa-22Ncc-545-11/2020 Filed by Malayan Banking Berhad (Plaintiff or MBB) Against Scomi Group Bhd (SGB or Company). The company inform that the company has requested a further extension of time from MBB to pay the Settlement Sum under the Revised Settlement Proposal and is currently awaiting the decision from MBB. The company will make further announcement on any material development in due course. Announcement • Oct 13
Scomi Group Bhd Provides Material Litigation Update Scomi Group Bhd announced that the Company has accepted a revised settlement proposal (“Revised Settlement Proposal”) from Maybank with the following Salient Terms and Conditions: The Claimed Sum and Interest Accrued comprising the amount claimed under the Consent Judgment shall be settled through: (a) By payment of Settlement Sum which is MYR 8,000,000.00.(b) From the proceeds of disposal, realisation, sale or dealings by MBB of the Pledged Shares (“Realisation Proceeds”). MBB is allowed to appropriate the Realisation Proceeds and apply them to partially settle the Company’s liabilities under the Consent Judgment. 2. The Company shall not oppose MBB’s application to seek leave of Court to dispose of, realise, sell or deal with the Pledged Shares. 3. The Company is given until 15 November 2022 to pay the Settlement Sum to MBB. 4. All costs and expenses to be incurred in relation to the Revised Settlement Proposal, including cost associated with item (2) shall be borne by the Company and the Company to pay RM20,000.00 to the Bank’s Solicitors by 15 October 2022 towards this. 5. MBB will withhold enforcement or execution of the Consent Judgment pending the fulfilment of Salient Terms and Conditions as stated above under the Revised Settlement Proposal. The Company will make further announcement on any material development in due course. Announcement • Aug 31
High Court of Kuala Lumpur Writ of Summons No. Wa-22Ncc-545-11/2020 Filed by Malayan Banking Berhad Against Scomi Group Bhd Material Litigation High Court of Kuala Lumpur Writ of Summons No. Wa-22Ncc-545-11/2020 Filed by Malayan Banking Berhad Against Scomi Group Bhd refer to the announcement dated 6 August 2020, 10 November 2020, 8 June 2022, 9 June 2022 and 28 July 2022. Unless otherwise defined, the terms herein shall bear the same meaning as defined in the Announcements. The Company to inform that the Company has requested a further extension of time from MBB to pay the Settlement Sum under the Settlement Proposal and is currently awaiting the decision from MBB. The Company will make further announcement on any material development in due course. This announcement is dated 30 August 2022. Announcement • Jul 08
The Scomi Group Bhd Provides Material Litigation Update The Scomi Group Bhd announced that it has on 7 July 2022 been served with a Writ of Summon dated 6 July 2022 by the Plaintiff through their solicitors. In the GIG TECHNOLOGY HOLDINGS SDN BHD Suit, the Plaintiff is claiming the following from SGB: i. the sum of MYR 540,000.00 (“Claimed Sum”); ii. interest of 8% per annum towards the sum of MYR 500,000.00 from 8 December 2021 onwards until full settlement of the Claimed Sum; iii. Costs; and iv. such further orders as deemed fit and proper by the Honourable Court. The Funding was to be repaid within 12 months from the date of receipt of the Funding together with interest of 8% per annum which resulted in the GIG Suit. Total of 10,204,082 shares of Scomi Energy Services Bhd (an investment of the Company) owned by the Company was secured against the Funding (“Pledged Shares”) that may be required to be disposed to settle the GIG Suit. Financial Impact and possible Expected Losses from the GIG Suit cannot be quantified currently as it is dependent whether any of the Pledged Shares is required to be disposed to settle the GIG Suit. The Company is required to enter an appearance and is currently seeking legal advice and will make further announcement on any material development in the GIG Suit in due course. Announcement • Jun 16
Scomi Gets Extension from Delisting Until November 30, 2022 Bursa Malaysia Securities Bhd has decided to allow the appeal and grant Scomi Group Bhd (SGB) a further extension, until November 30, 2022, from being delisted from the Official List of Bursa Securities. In a filing with the exchange on June 16, 2022, the company said it was given time to submit the regularisation plan to the relevant authorities for approval. The extended timeframe was due consideration to all facts and circumstances of the matter including the written and oral presentations before the Appeals Committee. Announcement • Jun 09
Scomi Group Bhd Announces Material Litigation Update Scomi Group Bhd announced that after several discussions with MBB, the Company on 8 June 2022 accepted a settlement proposal from MBB with the following salient terms and conditions: The settlement sum agreed is MYR 8,000,000.00. The Settlement Sum to be paid in full to MBB on or before 29 July 2022. The Company to enter into consent judgement with MBB on the MBB Suit by 9 June 2022 with the following primary conditions: For the Claimed Sum which is MYR 113,957,000.00. Interest Accrued. MBB will withhold enforcement or execution of the Consent Judgement against the Company until 29 July 2022 pending fulfilment of the Salient Terms and Conditions by the Company. The withdrawal of all suits and claims by the Company against MBB. Payment of legal fees and expenses of MYR 200,000.00 for legal fees incurred by MBB. Upon payment of Settlement Sum and the fulfilment of the Salient Terms and Conditions by the Company: MBB will release or discharge the Company from liabilities and obligations to MBB arising from the Claimed Sum and Interest Accrued under the MBB Suit and Consent Judgement. MBB will release the Pledged Shares to the Company. In the event that the Company fails to comply with any of the Salient Terms and Conditions, the Settlement Proposal shall be deemed to have automatically lapsed and ceased to have further effect immediately and MBB shall be at liberty to immediately exercise all their rights including under the Consent Judgement (if entered) and continue all legal proceedings against the Company to recover the full debt due and owing under the MBB Suit. Announcement • May 24
Scomi Group Bhd Announces Court's Decision of Dismissal of Company's Appeal Scomi Group Bhd announced that refer to announcement dated 14 April 2021, 28 May 2021, 24 August 2021, 24 September 2021, 4 October 2021, 7 October 2021, 8 October 2021, 16 December 2021, 23 February 2022, 8 April 2022, 25 April 2022, 13 May 2022 and 20 May 2022. The Company announced that the Court of Appeal had delivered the decision, whereby the Company’s Appeal was dismissed with costs. The Company is currently seeking legal advice on the next course of action and will make further announcement on any material development in due course. Announcement • Apr 12
Scomi Must Submit Appeal to Bursa Malaysia to Avoid Delisting Scomi Group Bhd will be suspended with effect from April 20, 2022 and the securities of SCOMI will be delisted on April 22, 2022 unless an appeal against the delisting is submitted to Bursa Malaysia. In a filing with Bursa Malaysia on April 12, 2022, the company said the appeal must be submitted on or before April 18, 2022 (appeal timeframe) and any appeal submitted after the appeal timeframe will not be considered by Bursa Malaysia. Bursa Malaysia has rejected SCOMI's application for a further extension of time to submit its regularisation plan, it said. SCOMI further said that in the event the company submits an appeal to Bursa Malaysia within the appeal timeframe, the delisting of the securities of the company from the official list of Bursa Malaysia on April 22, 2022 will be deferred pending the decision on the company's appeal. However, Bursa Malaysia shall proceed to suspend the trading of the company's securities on April 20, 2022 even though the decision on the company's appeal is still pending. Board Change • Jan 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Non Independent & Non Executive Director Shah Bin Zain is the most experienced director on the board, commencing their role in 2003. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Non Independent & Non Executive Director Shah Bin Zain is the most experienced director on the board, commencing their role in 2003. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Jul 15
Independent Non Executive Director Tunku Bin Tunku Aziz has left the company On the 9th of July, Tunku Bin Tunku Aziz's tenure as Independent Non Executive Director ended after 1.1 years in the role. We don't have any record of a personal shareholding under Tunku's name. A total of 12 executives have left over the last 12 months. Executive Departure • Jul 01
Chief Executive Officer Kwok Tse has left the company On the 30th of June, Kwok Tse's tenure as Chief Executive Officer of the company ended after 2.9 years in the role. As of March 2021, Kwok still personally held only 1.00k shares (RM65.0 worth at the time). A total of 12 executives have left over the last 12 months. Under Kwok's leadership, the company delivered a total shareholder return of -47%. Announcement • Apr 15
Others Application for Judicial Management Order for Scomi Group Bhd The Board of Directors of Scomi Group Bhd announced that the company have applied for Judicial Management Order (“JM Order”) pursuant to Sections 404 and 405 of the Companies Act, 2016 with the High Court of Malaya at Kuala Lumpur. The application for the JM Order immediately puts into effect a moratorium (“Moratorium”) for the period commencing with the application of the JM Order and ending with the grant or dismissal of the application, during which no resolution shall be passed or order shall be made for the winding-up of the company. In addition, during this Moratorium, the leave of the Court will be required to: enforce any charge on or security over the property of the company; and commence or continue any legal proceedings against the company or their respective property. The JM Order was applied for as part of proactive measure by SGB to:- 1. get the involvement of an independent professional to facilitate the restructuring of the company with the assistance of the Board of Directors (“BOD”) and management; 2. rehabilitate and maximize the return to creditors and value to the shareholders of the company; and 3. give the company the opportunity to rehabilitate and be restored to profitability. The Moratorium is not envisaged to have any material financial and operational impact to SGB. Executive Departure • Mar 27
Independent and Non Executive Director has left the company On the 25th of March, Lionel Leo's tenure as Independent and Non Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Lionel's name. A total of 13 executives have left over the last 12 months. Executive Departure • Mar 26
Independent Non Executive Director has left the company On the 24th of March, Wong Cheong's tenure as Independent Non Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Wong's name. A total of 12 executives have left over the last 12 months. Executive Departure • Mar 26
Independent & Non Executive Director has left the company On the 25th of March, Shiang Chan's tenure as Independent & Non Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Shiang's name. A total of 12 executives have left over the last 12 months. Announcement • Nov 27
SCOMI GROUP BHD Provides Update on Material Litigation The High Court of Shah Alam has allowed the SCOMI ENERGY SERVICES BHD's application for summary judgement (“Summary Judgement”) against the SCOMI GROUP BHD for: Settlement Sum; interest at the rate of 5% per annum from the date of filing of the Suit until the date of full and final settlement; and cost of MYR 5,000.00 to the Plaintiff. The Company is currently seeking legal advice on the next course of action and will make further announcement on any material development in the Suit in due course. 