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KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has invited qualified Bumiputera entrepreneurs to acquire its 71.14% owned FEC Cables (M) Sdn Bhd under its divestment programme.

PNB said on Thursday this programme was part of the government's plan to spearhead the economic transformation of Bumiputeras by growing and enhancing Bumiputera entrepreneurship.

"The proposed divestment of FEC, via open tender, is the first series of divestments under the above programme," it said.

FEC is the first of the five assets to be divested. Its core activities are manufacturing of electrical and telecommunication cables.

PNB's unit, PNB Capital Holdings Sdn. Bhd also owns 20 million redeemable cumulative preference shares of FEC.

FEC has two manufacturing plants in Klang and Shah Alam. Its main customers include local power and telecommunication players, and the company also supplies its products to both domestic and export markets.

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