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Update Sarawak Cable to buy cable producers for RM210m

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Update Sarawak Cable to buy cable producers for RM210m Empty Update Sarawak Cable to buy cable producers for RM210m

Post by Cals Tue 17 Jun 2014, 01:14

Update Sarawak Cable to buy cable producers for RM210m
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 16 June 2014 14:07

KUALA LUMPUR (June 16): Sarawak Cable Bhd (SCB) plans to buy from a director of the firm, two industrial cable producers for RM210 million.

In a statement to the stock exchange today, SCB said it had accepted a conditional offer from HNG Capital Sdn Bhd for SCB to buy 100% stakes in Universal Cable (M) Bhd and Leader Cable Industry Bhd.

Datuk Seri H’ng Bok San, who is the controlling shareholder and director of HNG, is a non-independent non-executive director of SCB.
SCB intends to finance the acquisition via a combination of cash, assumption of liabilities and issuance of new SCB shares. SCB said it had a 60-day exclusive period from the date of acceptance of the conditional offer to undertake due diligence on Universal Cable and Leader Cable.

"In the event SCB decides to proceed with the proposed acquisitions upon satisfactory completion of the due diligence, SCB shall pay HNG an earnest deposit of RM2,100,000, equivalent to 1% of the purchase consideration on or before the expiry of the exclusive period.

"SCB and HNG shall then enter into a share sale agreement to formalise the proposed acquisitions within thirty (30) days thereafter," SCB said.
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