Saturday 07 Dec 2024
By
main news image

KUALA LUMPUR (Nov 8): Sarawak Cable Bhd (KL:SCABLE) said trading in its shares will be suspended from Nov 18, ahead of the court hearing of an application to place the company under judicial management (JM).

The suspension, which would include the transfer of shares, will be lifted if the court does not grant the JM order at the hearing on Nov 20, the company said in a bourse filing on Friday.

"Otherwise, the trading suspension and transfer suspension will remain until the expiry of the JM order as may be granted by the Kuala Lumpur High Court," it added.  

Sarawak Cable noted that all trades conducted prior to the trading suspension on Nov 18 will continue to be cleared and settled.

On July 9, Sarawak Cable was placed under interim JM upon an application by law firm Messrs Krish Maniam & Co, which is claiming unpaid legal fees from the company.

This followed a dispute over the law firm’s termination from handling legal matters for the company’s subsidiaries, Universal Cable (M) Bhd and Leader Cable Industry Bhd.

Sarawak Cable fell into Practice Note 17 status in September 2022 after its external auditor questioned its viability as a going concern. The company has since appointed Malacca Securities Sdn Bhd as its principal adviser for its regularisation plan.

Malacca Securities had on Sept 30 submitted an application for an extension of time to submit the regularisation plan to the relevant regulatory authorities, which is currently pending a decision from the regulator.

Edited ByS Kanagaraju
      Print
      Text Size
      Share