Cable Industry News
Sarawak Cable plans two new products
Friday, 07, May, 2010
Sarawak Cable Bhd, a power cable manufacturer, aims to raise RM9.1mil from its initial public offering (IPO).Managing director and chief executive officer Aaron Toh Chee Ching said the proceeds would be used to produce and commercialise two new products – low-voltage aerial bundled cables and low-voltage two-core twin twisted cables – by year-end.“To boost our production capacity, we are investing in three additional machineries and equipment that will see our production capacity increase by 47%,” he said after the company’s prospectus launch yesterday.
The event was officiated by Second Minister of Planning and Resource Management and Minister of Public Utilities of Sarawak Datuk Amar Awang Tengah Ali Hassan.Sarawak Cable’s IPO involves the sale of 19 million 50 sen shares to approved bumiputra investors and a public issue of 13 million new shares, of which six million are made available for the public and the remainder for eligible directors, employees and business associates. All shares are offered and issued at 70 sen each.
