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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