MULTIPLE PROPOSALS Description : SCOMI GROUP BHD ("SGB" OR THE "COMPANY") (I) PROPOSED SHARE CAPITAL REDUCTION; (II) PROPOSED SHARE CONSOLIDATION; (III) PROPOSED RIGHTS ISSUE OF SHARES WITH WARRANTS; (IV) PROPOSED RESTRICTED ISSUE; AND (V) PROPOSED LIABILITIES SETTLEMENT

SCOMI GROUP BERHAD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
Description :

SCOMI GROUP BHD ("SGB" OR THE "COMPANY")

(I)	PROPOSED SHARE CAPITAL REDUCTION;
(II)	PROPOSED SHARE CONSOLIDATION;
(III)	PROPOSED RIGHTS ISSUE OF SHARES WITH WARRANTS;
(IV)	PROPOSED RESTRICTED ISSUE; AND
(V)	PROPOSED LIABILITIES SETTLEMENT

(Unless otherwise defined, the abbreviations and definitions used throughout this announcement shall have the same meaning as those previously defined in the Company’s announcements dated 27 May 2019, 30 May 2019, 18 July 2019, 9 August 2019 and 20 August 2019 (“Announcements”).)

 

We refer to the Announcements in relation to the Proposals.

 

On behalf of the Board of SGB, MIDF Investment and Astramina wish to announce that Bursa Securities has, via its letter dated 2 December 2019, resolved to approve the following:

 

(i) Proposed Share Consolidation;

 

(ii) Admission to the Official List and the listing and quotation of up to 467,801,529 Warrants C arising from the Proposed Rights Issue of Shares with Warrants and Proposed Restricted Issue;

 

(iii) Listing of up to 1,188,890,151 Rights Shares to be issued pursuant to the Proposed Rights Issue of Shares with Warrants;

 

(iv) Listing of up to 215,100,743 Restricted Issue Shares to be issued pursuant to the Proposed Restricted Issue;

 

(v) Listing of up to 91,699,999 Settlement Shares to be issued pursuant to the Proposed Liabilities Settlement; and

 

(vi) Listing of up to 467,801,529 Consolidated Shares to be issued pursuant to the exercise of Warrants C.

 

The approval granted by Bursa Securities is subject to the following conditions:

 

(i) SGB and MIDF Investment must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposals.

 

(ii) SGB and MIDF Investment to inform Bursa Securities upon the completion of the Proposals.

 

(iii) SGB to furnish to Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposals are completed.

 

(iv) Compliance by SGB with the public shareholding spread upon completion of the Proposals. In this connection, MIDF Investment to furnish a schedule containing the information set out in Appendix 8E, Chapter 8 of the Listing Requirements to Bursa Securities, prior to the listing and quotation of the new securities arising from the Proposals.

 

(v) SGB to furnish to Bursa Securities on a quarterly basis a summary of total number of shares listed pursuant to the exercise of the Warrants C as at the end of each quarter together with the detailed computation of listing fee payable.

 

(vi) The Consolidated Shares and listing and quotation of the Rights Shares, Restricted Issue Shares, Settlement Shares and Warrants C must be simultaneously.

 

This announcement is dated 3 December 2019.






Announcement Info

Company Name SCOMI GROUP BERHAD
Stock Name SCOMI
Date Announced 03 Dec 2019
Category General Announcement for PLC
Reference Number GA1-03122019-00018