Cahya Mata Oiltools Sdn Bhd entered into a Sale and Purchase agreement to acquire Scomi Oilfield Ltd and 48% of Scomi KMC Sdn Bhd for MYR 13.50 million on March 17, 2022. In a related transactions, Oiltools International Sdn Bhd entered in to three other sale and purchase agreements to acquire 25% of Scoomi Oiltoos Gulf, 4% of Scoomi KMC, and 25% equity stake in Continental wire cloth. The Proposed Acquisitions will be funded by CMS and Local Capital in proportion to their respective shareholdings from internally generated funds and/or bank borrowings. The transaction is subject to the approval of ScomiÆs shareholders at an extraordinary general meeting to be convened, and is expected to be completed by the third quarter of 2022. Thinkat Advisory Sdn Bhd acted as a financial advisor to Cahya Mata Oiltools Sdn Bhd. As of May 18, 2022, Scomi Energy is a step taken to resolve the GroupÆs debt obligations. The status remains unchanged as at the date of this announcement. As of June 10, 2022, On behalf of CMS, Thinkat Advisory Sdn Bhd announce that Oiltools and Oiltools International had mutually agreed with Scomi and SOSB respectively to extend the transaction agreementsÆ cut-off date from June 15, 2022 to August 15, 2022. On behalf of the Board of SESB, M & A Securities wishes to announce that all the parties have mutually agreed to further extend the conditional period from 15 August 2022 to 31 August 2022. M&A Securities Sdn. Bhd. acted as Financial advisor to Scomi Energy Services Bhd. As of August 30, 2022, all conditions precedent were fulfilled.
Cahya Mata Oiltools Sdn Bhd completed the acquisition of 100% of Scomi Oilfield Ltd and 48% of Scomi KMC Sdn Bhd on September 6, 2022.