| With regards to Sarawak Cable’s announcement in December 2023 of a possible White Knight who is looking at investing in the group, the company has today stated that both parties are unable to agree upon an exclusive working relationship. Back in December, the company said Serendib Capital Limited emerged as a White Knight after having submitted its interest in performing a resuscitation exercise at the PN17 mainboard listed manufacturing company on 5 December 2023. The firm is said to be an experienced UK based investor with over two decades of experience in advisory and financial asset restructuring in South Asia. Their track record encompasses several high-profile regional deals, the most notable of which was the restructuring and rescue of Lanka Bangla Finance, netting investors over 50 times invested capital. This will be the firm’s first significant Malaysian deal and according to SCB have prepared an RM250 million war chest to be used to restructure and pay down outstanding creditors, as well as for an injection of capital into the company to cater to the growing customer demand for infrastructure grid development and high voltage cables. |
