KUALA LUMPUR: Cable and wire manufacturer Southern Cable Group Bhd is seeking to transfer its listing from the Ace Market to the Main Market of Bursa Malaysia Securities Bhd by the second half of this year.
Managing director Tung Eng Hai (pic) said the upcoming corporate milestone corresponds with the group’s operational expansion as it looks to fulfil the growing demand in the domestic market and target new sectors for its cables and wires products.
“We are optimistic of expanding into new sectors that would strengthen our prospects further, ” he said in a statement.
He said the group’s automotive wires have undergone successful internal trials and are being commercially evaluated by potential clientele in Malaysia and Vietnam.
“We are also anticipating to commence exports of our industrial cables to a new client in the United States, ” he said.
He added that these plans were targeted to materialise in the second quarter.
Hence, he said the Main Market transfer reflects Southern Cable’s growth as it seeks to attract a wider investing community, and increasingly stamp its mark in Malaysia and worldwide.
“The group has fulfilled the Securities Commission’s equity guidelines for a proposed transfer listing, which requires listed corporations to demonstrate uninterrupted profit for the past three to five financial years.
“This is in addition to maintaining a positive cashflow from operating activities for the profit track record period, ” he said.
Southern Cable registered an aggregated profit after tax of RM76mil for the past three financial years from Dec 31,2018 (FY18) to FY20. — Bernama