KUALA LUMPUR: Scomi KMC Sdn Bhd, a member of Scomi Group Bhd, has been awarded a contract worth RM2.1 billion by Petronas Carigali to supply drilling fluids, barite materials, equipment and services for a five-year period beginning March 1, 2013.This confirms an earlier report by The Edge weekly that Petronas Carigali has picked Scomi over a few international names to get the lion’s share of the five-year contract under the RM8 billion to RM10 billion Pan Malaysia mega tender.In an announcement to Bursa Malaysia yesterday, Scomi Group said the contract award is expected to contribute positively towards the earnings and net assets per share of the company for the five financial years ending March 31 2013 to 2018.In 2006, Scomi received a much smaller five-year drilling fluids contract worth US$500 million (RM1.55 billion) from Petronas.Scomi Group recently underwent a restructuring exercise which saw the disposals of its stakes in Scomi Oilfields Ltd, Scomi Sosma Sdn Bhd and Scomi KMC
KUALA LUMPUR: Businessman Datuk Siew Mun Chuang has surfaced as a substantial shareholder of Scomi Group Bhd, controlling almost 62.5 million shares or about 5.3% equity interest in the oil and gas company, after acquisition on the open market. Siew acquired a chunk of shares on Aug 28, making him a substantial shareholder, according to a filing with Bursa Malaysia yesterday. Siew is managing director of the Oriental Group of Restaurants. He holds stakes in many companies which are linked to Tan Sri Abu Sahid Mohamed of the Maju group fame. According to Bloomberg, Siew has about 8.4% in Australia-listed Avalon Minerals Ltd, and is deputy chairman of the mineral exploration company. The largest shareholder of the company is Abu Sahid, who has about 15% stake. Siew is an independent and non-executive director of building materials manufacturer Ipmuda Bhd and has about 4.16% equity interest. Abu Sahid holds 8.9% and his Maju group has about 22% in Ipmuda. Siew is also an independent non-e