About Scomi ...

Daruk Siew Mun Chuang has surfaced as a substantial shareholder ofScomi group, controlling almost 62.5 million shares or about 5.3% equityinterest after acquisition on the open market. Siew is MD of the Oriental Groupof Restaurants. He holds stakes in many companies linked to Tan Sri Abu SahidMohamed of the Maju group fame.

Siew hasabout 8.4% in Australialisted Avalon Minerals Ltd, and is deputy chairman of the mineral explorationcompany.  The largest shareholder of the company is Abu Sahid who hasabout 15% stake.  Siew is also an independent and non executive directorof building materials manufacturer IPmuda Bhd and has about 4.16% equityinterest. Abu Sahid holds 8.9% stake and his Maju group has about 22% in IpMuda.

Siew is also an independent non executive director of Kinsteel Bhd andPerwaja Holdings Bhd in which Abu Sahid has substantial shareholding as well.Siew is director of Brigh Focus Sdn bHd, a private vehicle of Abu Sahid.

Abu Sahid had 10.21 million shares or 0.87% stake in Scomi Group as atend April 2012.

Siew came into the group to capitalize on a restructuring which hasbeen ongoing for the past few months.

The first part of the restructuring entails an 18.5 sen capitalrepayment which has been concluded.

One of theaspects of the exercise is that Scomi has proposed to merge its oilfield serviceand associate company, Scomi Marine Bhd’s offshore support services, tocreate a new business unit. Under the plan, Scomi group will sell 76.08% ownedScomi Oilfield to Scomi Marine in return Scomi Marine shares. SubsequentlyScomi will make an offer for sale of its Scomi Marine shares.

The proceeds are to pare down the group’s debts. Scomi group hada 42.71% stake in Scomi Marine. As at June 2012, Scomi group had cash andequivalent of about rm256 million and had short term borrowings of rm711million and long term borrowings of rm387 million.