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Scomi, Intra Oil deals falls through

The proposed plan by Scomi Group Bhd to acquire a large stake in Intra Oil Services Bhd has falle...

Scomi had - on 16 September - made an offer for 44% of Intra for US$6.5 million (or US$1.97 per share). There was a proviso - Intra had to complement its existing businesses and broaden the income base. Whether these terms were the ones Scomi were alluding to was not revealed.

Interestingly enough, rival company Petra Perdana Bhd made an offer to buy 45.33% of Intra from Dr Ismail Abdul Rashid - on 29 September - for US$6.8 million. And it was only in recent days that Petra reached an agreement with an unspecified party to buy a further 7.33% of Intra.

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