Monday 29 May 2023
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KUALA LUMPUR (April 28): Financially stressed Scomi Group Bhd’s chief executive officer (CEO) Sammy Tse will resign from his post effective June 30, 2021.

In a bourse filing, the group said Tse, 56, will be leaving to focus on other business commitments.

Tse, a British national, joined the group on July 24, 2018. 

Earlier this month, Scomi announced that it applied for judicial management as part of its financial restructuring scheme.

The move is a corporate mechanism under the Companies Act 2016 which allows companies that are under financial distress an opportunity to be rehabilitated.

Effectively, this shields companies from legal proceedings initiated by third parties while they are undergoing such measures.

Scomi currently has total liabilities of about RM250 million, compared with RM112 cash. The accumulated losses of the group, which has been loss making since the financial year ended June 30, 2017 (FY17), stood at RM469.02 million as at end-2020.

As at 4.45pm, Scomi’s share price was half a sen lower at 5.5 sen. Its market capitalisation was RM60.17 million.

Edited ByKathy Fong
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