KUALA LUMPUR (Feb 6): Scomi Energy Services Bhd (KL:SCOMIES) is set to be delisted from Bursa Malaysia on Feb 12, following the company’s failure to submit its regularisation plan on time.

In a filing with Bursa Malaysia on Thursday, the bourse regulator Bursa Securities said it has dismissed Scomi Energy’s bid for an extension of time to submit its regularisation plan, keeping the deadline on Jan 31.

As such, Bursa Securities said the company's shares are to be removed from the official list effective Feb 12.  

Scomi Energy said it had submitted its extension of time to submit its regularisation plan on Jan 27. The company has been a Practice Note 17 (PN17) company since January 2020.

It fell to the financially distressed status when its shareholders’ equity on a consolidated basis fell below 50% of its issued share capital.

In July 2024, Scomi Energy walked back on a regularisation plan that would have seen it diversify into the construction business and the entry of Dhaya Maju Infrastructure (Asia) Sdn Bhd group executive director Datuk Seri Dr Subramaniam Pillai Sankaran Pillai as its major shareholder.

Later in November, the company said it was in preliminary discussions with an undisclosed white knight to formulate a new regularisation plan.

Scomi Energy’s shares have been suspended since July last year after it failed to submit its regularisation plan on time to Bursa Securities. 

It last traded at half a sen per share, valuing the company at RM2.3 million.