BNM’s aid sought to restructure massive debts

KUCHING: Sarawak Cable Bhd (SCB) has sought the assistance of the Corporate Debt Restructuring Committee (CDRC) of Bank Negara to restructure its massive debts. The manufacturer of power and telecommunication cables said it had received the approval of the CDRC on its application for assistance to mediate between the company and certain of its subsidiaries (affected companies) with its respective financiers (the lenders) on Aug 7, 2019. “The standstill letter was issued by CRDC to the lenders on 7 August 2019.

“This is part of the company’s proactive effort in managing its debt exposure to safeguard the affected companies, whose core business are still viable. “Notwithstanding the above, the operations of the affected companies shall remain as usual,” Sarawak Cable said in a filing with Bursa Malaysia. As at June 30, 2019, Sarawak Cable group’s total borrowings stood at about RM606.9 million as compared to RM575.8 million on Dec 31,2018. The group has cash and cash equivalents of RM20.2 million as at June 30,2019. In the first six months 2019,Sarawak Cable posted group’s net loss of RM7.57 million on revenue of RM388.8 million.

Meanwhile, Sarawak Consolidated Industries Bhd (SCIB), which has seen major shareholdings changes in recent monthshas appointed Rosland Othman as its chief executive officer (CEO).
Rosland, 47, is a degree holder in finance and economics from New York University, Stern Business School, US. He is currently a senior vice-president of Serba Dinamik Holdings Bhd.
He recently acquired more than 2.6 million shares or 3.04 percent stake in SCIB, which is involved in the manufacturing and sales of precast concrete products and industrialised building system (IBS) components.

“Prior to his current role, he has been extensively involved in investment banking as well as oil and gas industries, covering positions such as the head of corporate and investment banking in PT Bank Muamalat Indonesia (Kuala Lumpur),vice-president, investment banking division of Ibdar Bank BSC (c) Malaysia,vice-president, investment banking division of Elaf Bank BSC (c) Bahrian and acting head,investment banking department of Bank Muamalay (M) Bhd,” SCIB told Bursa Malaysia.

Rosland also currently sits on the board of various companies – Konsortium KAJV Sdn Bhd,Malaysia, OHP Ventures Incorporated, Labuan,Sufini Holdings Ltd, Abu Dhabi, UAE and Geppert GmbH,Austria. SCIB also appointed Mohd Ariff Abdul Samat,37, as its finance director, effective Sept 10. Mohd Ariff, who holds an accounting degree from International Islamic University Malaysia, is currently Serba Dinamik general manager (special projects and business development  Serba Dinamik group managing director Datuk Dr Mohd Abdul Karim is making an unconditional mandatory take-over of SCIB.

Mohd Abdul Karim,who has increased his stake in SCIB to 42.84 percent, is offering RM1.10 per share to acquire the remaining shares in the company not already owned by him or persons acting in concert. The offer will remain open for acceptance until Sept 26.