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OTHERS Article appeared in THE EDGE MALAYSIA dated 9 September 2019 entitled Sarawak Cable seeks CDRC assistance (the Article)

SARAWAK CABLE BERHAD

Type Announcement
Subject OTHERS
Description
Article appeared in THE EDGE MALAYSIA dated 9 September 2019 entitled Sarawak Cable seeks CDRC assistance (the Article)

We refer to the announcement dated 11 September 2019 and 11 December 2020 in relation to the Affected Companies admission to the Corporate Debt Restructuring Committee under the purview of Bank Negara Malaysia.

 

On behalf of the Board of Directors of the Company (“the Board”), we wish to announce the completion of our restructuring scheme under the CDRC purview on 4 October 2021 on the premise that certain companies in the Group complete the relevant agreements with their Lenders, which includes the Security Sharing Agreements (“SSAs”).

 

The general salient terms of the SSAs are as follows:

 

(a) that the existing facilities from the affected Lenders will be secured against identified assets of those companies in the Group; and

 

(b) that a Security Agent is appointed by the affected Lenders to act or refrain from acting in accordance with the directions or instructions of the affected Lenders.

 

The successful completion of the SSAs is beneficial to improve the Group’s financial position to weather the current challenging market condition and to sustain their businesses.

 

The Board, after having considered all aspect of the SSAs, is of the opinion that the SSAs are in the best interest of the Group.

 

The announcement is dated 5 October 2021.






Announcement Info

Company Name SARAWAK CABLE BERHAD
Stock Name SCABLE
Date Announced 05 Oct 2021
Category General Announcement for PLC
Reference Number GA1-05102021-00049




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