Scomi Group to raise RM120m from rights issue

KUALA LUMPUR: Scomi Group Bhd plans to raise RM120mil from a proposed renounceable rights issue of up to 554.4m rights shares.

It said the rights shares would be on the basis of one rights share for every two shares held at an issue price of 30 sen per rights per share.

The company said on Friday under the minimum scenario, it was expected to raise gross proceeds of RM120mil, of which RM70mil would be used for further investment in its subsidiary or subsidiaries and/or new businesses.

It said the proposed rights issue was to raise equity capital and strengthen Scomi Group’s capital base and to provide shareholders an opportunity to increase their equity participation in the company.

URL: http://biz.thestar.com.my/news/story.asp?f...13&sec=business

Scomi Marine bucks trend

It plans to expand marine fleet at a time when many are reluctant to make capital expenditure.

AT A time when most companies are reluctant to spend on capital expenditure (capex), Scomi Marine Bhd plans to invest some US$150mil in the next three years to expand its fleet of marine vessels.

There have been concerns that Scomi Marine, a 43% associate company of Scomi Group Bhd, had not been investing substantially to expand its fleet in the last two to three years to take advantage of the uptrend in activities in the oil and gas and logistics industries.

URL: http://biz.thestar.com.my/news/story.asp?f...91&sec=business

Scomi unit wins US$12mil job from BP

KUALA LUMPUR: Scomi Group Bhd’s subsidiary Scomi Oiltools (Europe) Ltd has won a US$12mil drilling waste management (DWM) contract with BP Norway.

In a statement, Scomi said the project, which marked the first time that Scomi Oiltools had secured a DWM tender with BP in Norway, covered complete DWM solutions both offshore and onshore Norway.

”The duration will be up to four years with the option of a two-year extension,” it said.

Scomi said under the offshore portion of the contract, Scomi Oiltools would provide DWM solutions for BP on its rig in the Skarv field development.

For onshore works, it said, Scomi Oiltools would be handling and processing all of the drilling waste as well as the waste water. - Bernama

URL: http://biz.thestar.com.my/news/story.asp?f...03&sec=business

Scomi denies chief under US sanctions

URL: http://biz.thestar.com.my/news/story.asp?f...68&sec=business