KUALA LUMPUR (Oct 2): Practice Note 17 (PN17) company Scomi Energy Services Bhd said it has four months to submit its regularisation plan to Bursa Securities for approval.

In September this year, the oil and gas and transport solutions industries service provider had been granted a further extension till Jan 31, 2024 to do so.

“The board of directors wishes to announce that the company is in the midst of preparing and finalising its regularisation plan,” Scomi Energy said in a filing with Bursa Malaysia on Monday.

It added that it will make the necessary announcement with regards to any development on the matter.

Concessionaire PJD Link (M) Sdn Bhd had announced in October 2022 that it was seeking a listing on Bursa Malaysia via a reverse takeover (RTO) of Scomi Energy, whose shares surged following the announcement.

The RTO was to be part of the regularisation plan that would lift Scomi Energy from its PN17 status. However, on July 17, Scomi Energy announced that the framework agreement it inked with the concessionaire for the RTO had been “mutually terminated with immediate effect”, but did not elaborate.

This follows the announcement by the Selangor state government on the termination of the controversial Petaling Jaya Dispersal (PJD) Link project by PJD Link (M), ahead of the state polls on Aug 12.

Nonetheless, Selangor Menteri Besar Datuk Seri Amirudin Shari was later quoted as saying that the PJD Link project might be revived if it complied with requirements set by the state government.

The company fell into PN17 status in January 2020 when its shareholders’ equity on a consolidated basis fell below 50% of its issued share capital.

Shares of Scomi Energy have been suspended since July 24 after it failed to submit its regularisation plan to Bursa Securities on time. It last traded at 0.5 sen per share.