Sarawak Cable to be delisted on July 15 after failing to get more time to submit regularisation plan
KUALA LUMPUR (July 10): Shares of Sarawak Cable Bhd (KL:SCABLE) will be delisted from Bursa Malaysia on July 15, after the exchange dismissed the financially distressed company’s appeal for an extension of time to submit its regularisation plan.
In a filing on Thursday, Sarawak Cable said Bursa Malaysia has rejected its request for more time — up to Dec 31, 2025 — to submit its regularisation plan to address its Practice Note 17 (PN17) status.
The delisting will see the Sarawak Cable, which is principally involved in the manufacturing and trading of power cables and wires, continue to exist as an unlisted entity.
The company said it will maintain its shareholders’ information in its register and continue with its operations and corporate restructuring. However, its shares will no longer be quoted or traded on Bursa Malaysia.
"The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance," said Sarawak Cable. “The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016.”
The impending delisting comes after a series of financial troubles that have plagued the company. In March, Sarawak Cable’s external auditor expressed a disclaimer of opinion on its audited financial statements for the financial year ended Nov 30, 2024 (FY2024), citing multiple material uncertainties that cast significant doubt on its ability to continue as a going concern.
It was the third consecutive year that the company’s financial statements were flagged by its auditor, following similar disclaimers for FY2022 and FY2023.
Trading in the counter had already been suspended since May 28. At the time, Bursa Malaysia noted that Sarawak Cable had not demonstrated any material development towards finalising and submitting its regularisation plan to the relevant authorities.
Sarawak Cable fell into PN17 status in September 2022 after the external auditor questioned its viability as a going concern. The company appointed Malacca Securities Sdn Bhd as its principal adviser to prepare a plan to regularise its condition, but has yet to submit the plan to Bursa Malaysia.
The counter last closed at one sen on May 27, with a market capitalisation of RM4 million.
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