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KUALA LUMPUR: Shareholders of Scomi Energy Services Bhd (SESB) have approved the disposal of its oilfield services business division for RM21mil.

The approved disposal consists of 100% equity interest in Scomi Oilfield Limited together with nine of its subsidiaries and 48% equity interest in Scomi KMC Sdn Bhd to Cahya Mata Oiltools Sdn Bhd; and the disposal by Scomi Oiltools Sdn Bhd, a subsidiary of SESB, of its equity interest in Scomi KMC Sdn Bhd, Scomi Oiltools Gulf W.L.L, its property in Dataran Prima and its inventories and equipment to Oiltools International Sdn Bhd.

The approved disposal was approved by SESB’s shareholders at an extraordinary general meeting held today.

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“SESB has been classified as a PN17 company by Bursa Malaysia Securities Bhd since Oct 31, 2019 and the company is required to submit a regularisation plan to uplift its PN17 status by Nov 30, 2022,” chief executive officer Amirul Baharom said in a statement.

“This disposal of the oilfield services business is part of the rehabilitation of SESB in line with developing its regularisation plan,” he added.

The disposal is expected to be completed in August 2022.