Sarawak Cable finds new hope as alternative party is identified

KUALA LUMPUR: Sarawak Cable Bhd has identified a “strong alternative party” interested in spearheading its resuscitation plan following the failed deal with white knight, Serendib Capital Ltd.

In a filing with Bursa Malaysia, Sarawak Cable said the termination of its resuscitation exercise with Serendib was due to their inability to agree on an exclusive working relationship governed by a memorandum of agreement on Dec 29, 2023.

“The termination of the memorandum of agreement would not, in the company's view, have an impact on the company's PN17 regularisation plan,” it said.

Sarawak Cable was classified a PN17 in September 2022 due to concerns raised by its external auditor about its viability as a going concern, after certain financial institutions suspended the group's credit facilities.

The counter fell 12.5%, or two sen to 14 sen with 31.42 million shares traded.