SOUTHERN CABLE GETS SC'S NOD FOR MAIN MARKET LISTING TRANSFER

KUALA LUMPUR, Sept 17  -- Cable and wire manufacturer Southern Cable Group Bhd has received Securities Commission Malaysia (SC) approval to transfer its listing status to the Main Market of Bursa Securities Malaysia Bhd.

“The Main Market transfer is expected in the fourth quarter of 2021 conditional upon the approval from Bursa Securities,” it said in a statement today.

Managing director Tung Eng Hai said the transfer listing provided Southern Cable with more visibility among local and foreign investors to participate in its growth potential and prospects.

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“Meanwhile with the economy reopening under the National Recovery Plan, the upcoming announcement of 12th Malaysia Plan and Budget 2022, we anticipate the demand for cables and wires to increase in line with the accelerated economic activity.

“This would enable us to capture the expected growth of various sectors such as construction and infrastructure, power, solar as well as 5G telecommunication network expansion plans,” he added.

Debuted on the ACE Market on Oct 16, 2020 at an issue price of 34 sen per share, the company manufactured cables and wires for power distribution and transmission, communications as well as control and instrumentation applications.

The company recently secured a RM30.4 million rectifier systems supply contract from Telekom Malaysia Bhd (TM) to be fulfilled over 30 months from September 2021.

It also supplied cables and wires to major projects such as the Mass Rapid Transit, Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor, among others.

-- BERNAMA