Scomi Energy Services cancels rights issue

Scomi Energy Services cancels rights issue

Kuala Lumpur: Scomi Energy Services has cancelled a proposed rights issue of convertible five-year bonds worth up to RM140.5m.

The company said it had taken the decision after taking into consideration the current market sentiment and market price of its ordinary shares.

Offshore specialist Scomi Energy Services is a subsidiary of Scomi Group.

Weak oil prices have forced a number of other Malaysian energy-related firms to redraw their business plans in recent months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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