MARC said today that its AA-ID (cg) rating on KCB’s RM630 million Murabahah Medium Term Notes (MMTN) is not affected by Scomi Group Berhad’s (Scomi) announcement of a proposed divestment of 19.9% in the respective classes of the share capital in Scomi Oilfield Limited (Scomi Oilfield) to Standard Chartered Private Equity Limited for a total cash consideration of USD99.50 million.

KCB is a wholly-owned subsidiary of KMC Oiltools Bermuda Limited (KMCOB) which in turn is a 92.5% owned subsidiary of Kota Minerals & Chemicals Sdn Bhd (KMC). KMC is a wholly-owned subsidiary of Scomi. Scomi Oilfield is proposed to be the holding company of KMCOB, following a share swap to be undertaken.