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Scomi: B&O to stay listed.
(From Business Times (Malaysia))
Byline: AZLAN ABU BAKAR
OIL and gas company Scomi Group Bhd will maintain the listing status of Bell & Order Bhd (B&O) which will later be known as Scomi Engineering Bhd, its chairman Tan Sri Asmat Kamaludin said.
"We will assume listing of its stock on Bursa Malaysia Bhd and proceed with the name change once the takeover of the second board entity B&O is completed," he told reporters after Scomi's extraordinary general meeting (EGM) which approved the proposal in Kuala Lumpur yesterday.
Scomi now has three listed companies namely Scomi Group Bhd, Scomi Engineering Bhd and Scomi Merchant Bhd, previously known as Habib Corp Bhd.
B&O, classified under Bursa Malaysia's Practice Note 17 category which groups companies with insignificant business operations, is involved in building and construction activities, from which it derives about 52 per cent of its revenue.
On Wednesday, shareholders of B&O approved all resolutions tabled at its EGM to shift the company's focus from construction to the oil and gas industry.
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