Southern Cable obtains approval from SC M’sia for the transfer of the main market
KUCHING: Cable and wire maker Southern Cable Group Bhd (Southern Cable) recently received approval from Securities Commission Malaysia to transfer its main market listing status from Bursa Securities Malaysia Bhd (Bursa Securities).
Listed on the ACE market since October 16, 2020 at an issue price of RM 0.34 per share, Southern Cable is a manufacturer of cables and wires used for power distribution and transmission, communications as well as control and instrumentation applications.
The transfer of the main market is expected in the fourth quarter of 2021 subject to the approval of Bursa Securities.
“Southern Cable’s transfer listing on Bursa Securities main market gives us more visibility with local and foreign investors to participate in our growth potential and prospects,” said Southern Cable Managing Director Tung Eng Hai.
“Meanwhile, with the reopening of the economy as part of the national stimulus package, the upcoming announcement of Malaysia’s 12th plan and budget for 2022, we expect the demand for cables and wires to increase in line with acceleration of economic activity.
“This would allow us to capture the expected growth of various sectors such as construction and infrastructure, energy, solar power, as well as 5G telecommunications network expansion plans.”
The group recently secured a RM 30.4 million recovery systems supply contract from Telekom Malaysia Bhd (TM) to be executed over 30 months from September 2021.
The group’s wholly-owned subsidiary, Southern Cable Sdn Bhd, would supply, deliver, install, test and commission recovery systems, including engineering services and associated accessories for TM’s regional hubs in Peninsular Malaysia and eastern.
This contract would support TM’s ongoing expansion to accelerate digital connectivity and 5G deployment through the Jalinan Digital Negara (Jendela) plan with the provision of rectification systems as well as other communications and related equipment.
Southern Cable is the registered cable and wire supplier with Tenaga Nasional Bhd, TM, Sabah Electricity Sdn Bhd and Petroliam Nasional Bhd.
The group has 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.