Why will Scomi’s securities be removed from Bursa’s official list on March 31?

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Scomi Group Bhd Securities to Be Delisted from Bursa Malaysia on March 31 Due to Dismissed Appeal and Non-Compliance

Bursa Malaysia Securities Bhd has decided to delist Scomi Group Bhd's securities from its official list, with the removal effective March 31, 2023. This decision follows the dismissal of Scomi Group's appeal for a six-month extension to submit its regularisation plan and the rejection of its request to vary payment terms to Maybank. The company failed to meet the conditions set by Bursa Securities, leading to the delisting.
Appeal for Regularisation Plan Extension Dismissed

Bursa Securities has officially rejected Scomi Group's appeal for an additional six months to submit its regularisation plan for approval. The exchange had previously decided on the submission timeline, and Scomi's request for an extension was denied via a letter dated March 28. This failure to provide a viable plan within the stipulated timeframe is a primary reason for the impending delisting.
Rejection of Request to Vary Payment Terms

Furthermore, Bursa Securities decided to reject Scomi Group's application to alter the terms and conditions concerning the settlement of an RM8 million payment due to Maybank. The company had sought to adjust the deadline for this payment, which was originally set for before March 15, 2023. The rejection of this variation request, as outlined in Bursa Securities's February 13, 2023 letter, indicates a failure to meet crucial financial obligations as required.
Delisting Effective March 31, 2023

Consequently, the securities of Scomi Group Bhd will be officially removed from the Bursa Securities list on March 31, 2023. Despite the delisting, Scomi Group's securities may continue to be held within Bursa Depository Sdn Bhd. Shareholders will have the option to withdraw their physical share certificates from their Central Depository System accounts after the delisting date.
Continued Operations as Unlisted Entity

Upon its delisting, Scomi Group Bhd will continue to exist as an unlisted company. The company will be able to maintain its ongoing operations and business activities, proceeding with its corporate restructuring efforts. While shareholders will no longer be able to trade their shares on Bursa Securities, they may still benefit from the company's future performance.

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Why will Scomi’s securities be removed from Bursa’s official list on March 31?

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