Scomi to list KMC on Singapore Exchange

Aug. 10, 2006
Malaysia's Scomi Group Bhd says it plans to list its drilling unit, KMC Oiltools Overseas Ltd., through an initial public offer on the Singapore Exchange.

Offshore staff

KUALA LUMPUR, Malaysia -- Malaysia's Scomi Group Bhd says it plans to list its drilling unit, KMC Oiltools Overseas Ltd. (KMCOM), through an initial public offer on the Singapore Exchange.

Internal restructuring is to accompany a proposed refinancing of the borrowings of SCOMI and its subsidiaries, it said in a filing to Bursa Malaysia in Kuala Lumpur.

The listing would give KMCOB access to capital markets to raise funds for its on-going international expansion and continued growth of oil & gas business, it said.

The proceeds, estimated at about $136.6-$163.9 million also is earmarked to build other business opportunities or to retire debts, improving the gearing of KMCOB Group and SCOMI Group.

8/10/06