Friday, 4 May 2012

Scomi Marine gains 6% on capital repayment, par value reduction

KUALA LUMPUR (May 4) : SCOMI MARINE BHD [] rose as much as 8% on the oil and gas support services provider’s proposed capital repayment and par value reduction.

Shares of Scomi Marine gained three sen to 42 sen before being transacted lower at 40.5 sen at 10.56am with some 2.3 million shares done.

The firm plans to undertake a capital repayment to shareholders via a cash distribution of RM135.61 million or 18.5 sen a share. Scomi Marine said it will finance the capital repayment with proceeds from a wholly-owned subsidiary.

Scomi Marine also plans to reduce the par value of its shares from RM1 to 45 sen, a move which will result in a credit of approximately RM525.07 million .The funds will partially finance the capital repayment and offset the company’s accumulated losses which came to RM362.04 million as at December 31, 2011.

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