SCABLE

0.065

(%)

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR SARAWAK CABLE BERHAD ("SCB" OR "COMPANY") PROPOSED SCHEME OF ARRANGEMENT AND RESTRAINING ORDER FROM HIGH COURT OF SABAH & SARAWAK AT KUCHING ORIGINATING SUMMONS NO. KCH-24NCC-1/9-2022

SARAWAK CABLE BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
SARAWAK CABLE BERHAD ("SCB" OR "COMPANY")

PROPOSED SCHEME OF ARRANGEMENT AND RESTRAINING ORDER FROM HIGH COURT OF SABAH & SARAWAK AT KUCHING ORIGINATING SUMMONS NO. KCH-24NCC-1/9-2022

Reference is made to the announcement made by the Company on 30 December 2021 in relation to the Company triggering the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(e) of Practice Note 17 ("PN17") of the Main Market Listing Requirements ("Listing Requirements") of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Announcement”). The Company had, in the Announcement clarified that SCB was not classified as a PN17 listed issuer and will not be required to comply with the obligations under Paragraph 8.04 and PN17 of the Listing Requirements for a period of 18 months from the date of the Announcement pursuant to the relief granted by Bursa Securities vide its letter dated 16 June 2021.

 

On 26 September 2022, SCB and six (6) of its subsidiaries, namely (i) Universal Cable (M) Berhad; (ii) Leader Cable Industry Berhad; (iii) Universal Cable (Sarawak) Sdn Bhd; (iv) Sarwaja Timur Sdn Bhd; (v) Trenergy Infrastructure Sdn Bhd; and (vi) Aerial Power Lines Sdn Bhd (collectively referred to as “Applicants”), as part of proactive measure to address the Applicants’ debt obligations in an orderly manner, have applied to the High Court of Sabah & Sarawak at Kuching for the followings: 

 

(a) leave to be granted to the Company to call for a Court convened meeting(s) pursuant to Section 366(1) of the Companies Act, 2016 (“Act”) with the creditors of the Applicants or any class of them (“Scheme Creditors”) (“Scheme Meeting(s)”)  for the purpose of considering and, if thought fit, approving with or without modification (which modification can be made any time prior to and/or at the Scheme Meeting(s)) the proposed scheme of arrangement and compromise between the Applicants and the Scheme Creditors (“Proposed Scheme of Arrangement”); and

 

(b) a restraining order pursuant to Section 368(1) of the Act in conjunction with the debt restructuring effort by the Applicants to address its outstanding financial obligations without having the threat of any proceedings and actions being brought against the Applicants (“Restraining Order”).

 

(collectively, “Application”)

 

The Board of Directors of SCB (“Board”) wishes to announce that the High Court of Sabah & Sarawak at Kuching (“Court”) had on 29 September 2022, allowed the Applicants’ Application which was made pursuant to Sections 366 and 368 of the Act (“Order”).

 

Further details of this announcement are outlined in the file attached. 

 




Please refer attachment below.



Announcement Info

Company Name SARAWAK CABLE BERHAD
Stock Name SCABLE
Date Announced 29 Sep 2022
Category General Announcement for PLC
Reference Number GA1-29092022-00060