Southern Cable aims to raise RM71.2mil in IPO

From left: Southern Cable Group Bhd directors Eugene Lee Cheng Hoe and Wong Kar Wai, MIDF Amanah Investment Bhd head of corporate finance Anuar Omar and CEO Datuk Joseph Dominic Silva, MIDF Bhd group managing director Datuk Charon Wardini Mokhzani, and Southern Cable Group managing director Tung Eng Hai, chairman Rizvi Abdul Halim and directors Wong Meng Kee and Daphne Choy Gaik Choo at the IPO prospectus launch at EQ Hotel, Kuala Lumpur.

KUALA LUMPUR: Cable and wire manufacturer Southern Cable Group Bhd, en route to ACE Market listing on Oct 16, targets to raise RM71.2mil from its initial public offering (IPO).

Of the proceeds, RM30mil will be for capital expenditure and expansion while RM27.5mil will be working capital, RM9.2mil to repay bank borrowings and RM4.5mil to defray listing expenses.