Tung Eng Hai
KUALA LUMPUR 10 June - Southern Cable Group Berhad secured shareholders’ approval for the proposed amendments to the company’s constitution, paving the way for the transfer of its listing status to the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities).
At the virtual Annual General Meeting (AGM) today, the Group’s Managing Director, Tung Eng Hai said, that the proposed main market transfer will be a landmark occasion in the group’s journey to become a leading provider of cables and wires.
The group is aiming for the transfer listing to take place in the fourth quarter of 2021, pending approvals from the Securities Commission Malaysia and Bursa Securities.
Eng Hai explained, the transfer of Southern Cable’s to the Main Market of Bursa Securities in less than a year after ACE Market listing mirrors the bright prospects in the high-growth cables and wires market.
“We have built a track record in powering up the nation’s various industries and infrastructure.
"We are not only supply cables and wires to key utility providers such as Tenaga Nasional Berhad and Telekom Malaysia Berhad, but also to major infrastructure projects such as the Mass Rapid Transit, as well as Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor, among others," he said in a statement today.
Southern Cable was listed on the ACE Market of Bursa Malaysia on 16 October 2020 at an initial public offering price of RM0.34 per share.
Southern Cable is also in the process of expanding its cable and wire production capacity to support its growth by building a new production facility, adjacent to its existing facility in Kuala Ketil, Kedah.
Construction works for the new production facility are expected to commence in the second half of 2021, which would provide an additional annual capacity of 5,000 km (kilometres).
Upon completion in the second half of 2022, the group’s total production capacity for cables and wires would increase by approximately 15% to 38,780 km per annum. - DagangNews.com