KUALA LUMPUR: Sarawak Cable Bhd today announced that a High Court order has placed the company under interim judicial management.
According to a Bursa Malaysia Securities filing, the court granted the application by law firm Messrs Krish Maniam & Co for Sarawak Cable to undergo interim judicial management as per Section 405 of the Companies Act 2016.
The filing also said that the court allowed Lim Sin Han of Messrs Sin Han & Co to be appointed as the judicial manager for Sarawak Cable.
"Sarawak Cable is consulting its solicitors to verify the matter and to amongst others consider setting aside the order.
"Further announcements will be made to Bursa Malaysia Securities Bhd as and when there are material developments in relation thereof," it said.
The filing said if the appointment is valid, Sarawak Cable will have triggered criteria 2.1 (b) of Practice Note 17 (PN17).
Sarawak Cable was classified as a PN17 company in October 2022.
The company's stock was down 11.11 per cent, losing one and a half sen to 12 sen.