KUALA LUMPUR: The board of administrators of Scomi Energy Services Bhd
(SESB) has introduced that its exterior auditor Messrs Crowe Malaysia PLT has expressed a disclaimer of opinion in its audit report in respect of the monetary assertion for the monetary 12 months ended June 30, 2021.
In a submitting with Bursa Malaysia, the corporate offered an replace on steps taken in relation to Crowe’s foundation for its disclaimer of opinion that “a fabric uncertainty exists that will solid vital doubt on the Group and the Firm’s capacity to proceed as going issues”.
In response to Scomi Vitality Providers, its subsidiary Scomi Marine Providers Pte Ltd (SMS) had entered right into a conditional shares buy settlement with PT Surya Indah Muara Pantai on Aug 26, 2021, to eliminate its 80.54% fairness curiosity in PT Rig Tenders (PTRT) for a money consideration of US$9.5mil.
The proposed disposal has obtained the approval of Scomi Vitality Providers’ shareholders and is anticipated to be accomplished by finish November 2021. .
“The Proposed PTRT Disposal is a primary step for the Firm to restructure its debt obligations and to partially settle its debt obligations and lift working capital,” it mentioned.
In the meantime, the corporate has appointed a principal adviser to advise the Firm on a regularisation plan in addition to submitted an software to Bursa Securities to hunt an extension of time for submitting its proposed regularisation plan as much as April 30, 2022.
“To-date, we now have been carefully participating our secured lenders and are in discussions on choices to seek out an amicable resolution for the debt decision.
“Topic to Bursa Securities’ approval for our extension of time, the Firm will concern an announcement on its regularisation plan sooner or later,” it added.
In its report on the audit of the monetary statements, Crowe had mentioned that the preparation of the monetary assertion on a going concern foundation is very depending on the approval and profitable implementation of the group’s debt restructuring plan and regularisation plan.
“There are materials uncertainties as as to whether these plans could be authorised and be efficiently applied. If these will not be efficiently applied, the Group and the Firm could also be unable to grasp their property and discharge their liabilities within the unusual course of enterprise.
“Accordingly, the monetary statements might require changes referring to the recoverability and classification of recorded property in addition to extra quantities of liabilities and classification of liabilities.
“This means {that a} materials uncertainty exists that will solid vital doubt on the Group’s and the Firm’s capacity to proceed as going issues,” mentioned Crowe.
Additionally serving as the idea for its disclaimer of opinion, the auditor mentioned it had not been capable of get hold of financial institution affirmation replies on sure borrowings in addition to ample applicable audit proof within the areas of commerce payables, overseas change reserve, non-controlling pursuits, materials monetary info of two subsidiaries and intercompany balances.
