22 December 2022

The proposed scheme has been approved by the court and is now binding on the company and the scheme creditors

Zul Rafique & Partners’ Litigation Partner, Farah Shuhadah Razali, and Legal Associates, Nadiea Afiqah and Ng Ying Ci, had acted for Scomi Group Bhd (SGB) and succeeded in obtaining the High Court’s sanction and approval of SGB’s Scheme of Arrangement on the 19th of December 2022.

The Scheme of Arrangement, which was formulated by Baker Tilly Insolvency PLT and forms part of SGB’s regularisation plan to be submitted to Bursa Malaysia, was approved by 96.85% of the Scheme Creditors during the Court-Convened Meeting held on the 15th of November 2022.

Our Corporate – Capital Markets and M&A Partner, David Lee, had advised SGB throughout this corporate restructuring exercise and will continue to advise and support SGB in the preparation and execution of SGB’s regularisation plan.

This decision was reported in The Edge and can be accessed here, while the Bursa Announcement can be accessed, here.

For more insights into this area of law, please contact our Partners:
P Jayasingam
Wong Keat Ching
Thavaselvi Pararajasingam
Idza Hajar Ahmad Idzam
Farah Shuhadah Razali
Bailey Leong Pui Yee

Corporate/Mergers & Acquisitions:
Jerry Ong Kok Wah
Cathryn F L Chay
David Lee Lai Huat

Chin Lit Fwu

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