KUALA LUMPUR (May 2): Sarawak Cable Bhd (SCB) has once again obtained a time extension to submit its Practice Note 17 (PN17) regularisation plan from Bursa Malaysia.

The deadline has now been extended by another six months to Sept 30 from March 31, its bourse filing on Thursday showed. The original deadline was Nov 1, 2023.

Trading of SCB shares could be suspended and the company delisted if it fails to submit its regularisation plan to the authorities on or before the new deadline.

SCB was flagged as a PN17 company 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 group recently reported its eighth straight quarterly loss due to the stand-still in its credit and financing lines, and a loss on the disposal of a subsidiary.

For the financial quarter ended Feb 29, 2024 (3QFY2024), the group’s net loss widened to RM21.04 million from RM14.16 million a year earlier, while revenue declined 43% to RM74.43 million from RM130.55 million.

For 9MFY2024, its net loss expanded to RM69.58 million from RM26.44 million in 9MFY2023 while revenue declined 39.9% to RM273.94 million from RM455.94 million.

As at Feb 29, 2024, the group’s cash and cash equivalents stood at RM23.85 million, while its current loans and borrowings amounted to RM381.82 million.

In November 2023, the group announced it had found a white knight, namely UK-based Serendib Capital Ltd, that had prepared a war chest of RM250 million to help pare down its debts and recapitalise the cable manufacturer.

The current status of the deal, however, is unclear.

SCB shares slipped half a sen or 3.23% to close at 15 sen on Thursday, valuing the group at RM60 million. The stock has dropped 26 sen or 63.41% since the end of last year.