/rɪˈlʌkt(ə)nt/ Learn to pronounce adjective adjective: reluctant unwilling and hesitant; disinclined. "today, many ordinary people are still reluctant to talk about politics" Similar: unwilling disinclined
Likely , earlier proposal of capital reduction and share consolidation cannot be implemented as now under PN17.....so Wan Azmi may announce RP to benefit him and Kelantan
7045 SCOMIES SCOMI ENERGY SERVICES BHD SUSPENSION OF SECURITIES
SUSPENSION OF SECURITIESSCOMI ENERGY SERVICES BHD ("SESB" OR "THE COMPANY")- SUSPENSION OF TRADING
You are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com
Reference is made to the announcements dated 13 December 2019 and 16 January 2020 (“Announcements”) made by the Company in relation to the above matter. Words used herein shall have the same meanings as are assigned to them in the Announcements.
Following the above, the Company wishes to update that the Bondholders have on 21 January 2020 approved the Indulgence Sought.
PN17 is not end of the world, SCOMIES just need to proof they are able to generate positive earning and able to find loan to compensate those bond holder. with more than RM1 Billion order book, I dont think it is hard to pay 35 million debt. and remember, Mother SCOMI still owe SCOMIES over 30 million also
Gone case. Scomi no money to pay back loan default to 2 major shareholder and both major shareholder not interested in Scomies. They will dump the share then. Hmmmmm I’m waiting to collect at 0.03 and below. Kikikiki.
KUALA LUMPUR (Jan 21): Scomi Energy Services Bhd’s Practice Note 17 (PN17) status is confirmed, after its waiver application was rejected by Bursa Malaysia.
In a statement today, Bursa said Scomi Energy joins its parent company Scomi Group Bhd on the list, and is the 24th company on the bourse to be listed as PN17.
Scomi Energy first triggered the PN17 status on Oct 31, 2019, after its shareholders’ equity on a consolidated basis fell below 50% of its issued share capital as at June 30.
Also, its external auditors KPMG PLT had expressed material uncertainty related to the going concern of the company in the audited financial statements for the financial year ended June 30, 2019 (FY19).
The company subsequently submitted a PN17 waiver application to Bursa Malaysia on Nov 1.
In a separate filing, Scomi Group said it has been slapped with a letter of demand for loan repayments of RM21.85 million each from businessman Tan Sri Wan Azmi Wan Hamzah and Gelombang Global Sdn Bhd (GGSB), after the group failed to repay both parties by Jan 17.
In July 2019, Wan Azmi and GGSB (which is controlled by former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy Sidek), said they would invest RM42 million collectively in the ailing company by injecting the capital via a proposed rights issue.
Both are now demanding immediate repayment within five days from the letter of demand.
Scomi Group said it has defaulted on the loans, as it is unable to repay by the deadline due to financial constraints.
“The management of the company is engaging with [Wan Azmi] and GGSB on this matter and intends to submit a comprehensive proposal to restructure the loan facility,” it added.
Shares of Scomi Group and Scomi Energy had earlier been suspended pending these announcements. Scomi last traded at 4.5 sen and Scomi Energy at 7 sen.
@averose PN17 is not end of the world, SCOMIES just need to proof they are able to generate positive earning and able to find loan to compensate those bond holder. with more than RM1 Billion order book, I dont think it is hard to pay 35 million debt. and remember, Mother SCOMI still owe SCOMIES over 30 million also 21/01/2020 10:31 PM
The jewel in SCOMI GROUP BHD’s companies is its oil and gas arm - SCOMI ENERGY SERVICES BHD. However, the problems of the parent company have left a deep cut on Scomi Energy.
The external auditors of Scomi Energy expressed doubts on its ability as a going concern, causing the company to be classified as an affected issuer under the Practice Note 17 (PN17) list. Now, Scomi Energy has to regularise its financial position before it can be placed out of the list.
Erm.. The Kuwait project just about to start right?? They may be some signs of cooking later if the big investors still holding on. Or else this money for them is just a spare change and not a big loss. Btw, good luck scomi and wan azmi and zakhir :p
In the mkt, every player has different strategy. Sometimes you win, sometimes you will lose. The game is to make sure you have more wins than losses. It's easier to talk than do, but the basic way is not to gossip / talk cock in the group.
@mukhriz02023 Mabel only want to calm herself with hope. Haha. Not many company can come out from PN 17 status easily without loss in price 22/01/2020 8:16 AM
@thesteward Thheavy coming out soon 22/01/2020 8:27 AM
steward is correct. TH Heavy Jolly Roger did great. Bought at 0.95...it's still a PN17...but will be out soon...
Mukriz, the current price is already good. i have no issues holding Scomies . It will be the next TH Heavy.
I have many other great expensive Stock like Serba, Penta, Greatec, Revenue, Inari, Sime Plantation, IOI Corp, SOP, Gamuda etc etc for my 2020 Business plan for my 4 Boutiques:
1. Plantations 2. Digital Economy 3. O&G 4. VMY 2020.
However, I also invest in 3 PN17 Companies as I believe the best way to learn is to put your stakes in it. So far I have invested in 3 PN 17 companies.
1. Scomies 2. TH Heavy 3. Barakah
2 and 3 has starts moving. I'm not expecting anything less with Scomies.
@cumcumshot If ScomiesE is not your pick, don't stay in here & waste your time. I think this is the most logic thing a sound person would do. 22/01/2020 9:10 AM
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Superb99
6,603 posts
Posted by Superb99 > 2020-01-20 10:07 | Report Abuse
0.065...