KUALA LUMPUR: Petra Transit Systems Sdn Bhd (PTS) has emerged as a substantial shareholder of Sarawak Cable Bhd (SCB) following the completion of stake acquisition through a private placement exercise.
PTS, the urban transit arm under the Petra Group, completed the share subscription through a private placement of 63.41 million shares in SCB, at an issue price of RM0.355 each.
PTS now holds 15.38 per cent of shares in SCB post-placement.
Petra Group chairman and chief executive Datuk Dr Vinod said a year ago, the company committed to increasing its presence in Borneo Malaysia.
"We started in Sabah, and I am proud to start this journey into Sarawak," he said in a statement today.
SCB chief executive officer Datuk Ahmad Redza Abdullah thanked Vinod for their support and belief in the company through this investment.
Recently appointed chief executive of PTS Datuk Seri Shahril Mokhtar said there are many synergies between SCB and PTS and the broader Petra Group.
"We are confident that there will be opportunities for us to collaborate going forward, and we will play our role to support SCB achieve its objectives," he said.
PTS has expertise in complete monorail system solutions, from the trains, guideway beams, architecture and master planning, to project management of advanced, light urban transit systems and infrastructure.
SCB is the largest cable and wire producer in Malaysia and South East Asia.