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Scomi Group convertible securities attract interest on Special Dividend from subsidiary's disposal of Machine Shop Business

The shares, loan stocks and warrants of Scomi Group was up modestly today ahead of announcements of the company’s subsidiary Scomi Engineering Berhad (SCOMIEN) entering into a conditional share sale agreement with OMS Holdings Pte Ltd, a wholly-owned subsidiary of Sumitomo Corporation Asia Pte Ltd for the disposal of the Machine Shop Business for a total cash consideration of approximately USD101.45 million (RM327.68 million based on the exchange rate of USD1:RM3.23).

Of significant importance is the announcement of SCOMIEN of its intention to distribute RM90 million as special dividends.  Scomi Group owns about 70% of SCOMIEN share capital and close to 90% of SCOMIEN ICULS (SCOMIEN-LA).  It would receive the bulk of the special dividend by SCOMIEN.

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