KUALA LUMPUR (May 17): Sarawak Cable Bhd (KL:SCABLE) said that the memorandum of agreement (MOA) between the company and Serendib Capital Ltd (Serendib) had been validly terminated.
In a bourse filing on Friday, the company said Serendib has been notified of and is aware of the grounds of termination of the MOA.
The company was responding to a statement by Serendib on Monday (May 13) that an agreement to rescue Sarawak Cable remains in force and cannot be terminated unilaterally.
Serendib intends to fulfil all of its obligations under the MOA signed in December 2023 with Sarawak Cable, the firm stressed.
Last Friday (May 12), Sarawak Cable said it was unable to agree on a working relationship with Serendib, amid a delay in proposing and implementing any debt settlement with the company’s creditors under the MOA.
In its latest filing on Friday, Sarawak Cable said any working relationship with Serendib had ceased.
It added that Serendib was no longer involved in any resuscitation plan or proposal concerning the company.
“The Company has identified a strong alternative party to carry out a resuscitation plan, and is in the process of engaging the services of professionals towards proposing and implementing that plan,” it said.
The company said it will announce as and when there are further updates.
At midday break on Friday, Sarawak Cable fell 3.57% or 0.5 sen to 13.5 sen, with 6.68 million shares traded.