KUALA LUMPUR: Sarawak Cable Bhd
has announced that Serendib Capital Ltd has emerged as a "white knight” for the company, having submitted its interest in performing a resuscitation exercise at the PN17 Main Market-listed manufacturing company on Dec 5, 2023.
In a filing with Bursa Malaysia today, the company said Serendib Capital is an experienced United Kingdom-based investor with over two decades of experience in advisory and financial asset restructuring in South Asia.
It said Serendib Capital’s track record encompasses several high-profile regional deals, the most notable of which was the restructuring and rescue of Lanka Bangla Finance PLC, netting investors over 50 times the invested capital.
"This will be Serendib Capital’s first significant Malaysian deal, and it has prepared a RM250 million war chest to be used to restructure and pay down outstanding creditors, as well as for an injection of capital into the company to cater to the growing customer demand for infrastructure grid development and high voltage cables," it said.
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