KUALA LUMPUR: Sarawak Cable Bhd interim judicial manager Lim Sin Han of Messrs Sin Han & Co can exercise its powers pending an application for it to be placed under judicial management.
The company received a copy of the sealed High Court order on the appointment of Lim.
In a filing with Bursa Malaysia today, the Datuk Seri Mahmud Abu Bekir Abdul Taib Mahmud-linked company said this is pending the disposal of the application for it to be placed under judicial management.
"Pursuant to the aforesaid order, the interim judicial manager has and can undertake all functions and powers of a judicial manager given pursuant to Section 414 of the Companies Act 2016 and as stated in Schedule 9 of the Companies Act 2016 whilst waiting for the disposal of the application filed for SCB to be placed under juridical management," it said.
On July 10, the High Court placed the company under interim judicial management after law firm Messrs Krish Maniam & Co filed an originating summons (OS) on July 2 against Sarawak Cable.
The appointment of the judicial manager will trigger criteria 2.1 (b) of Practice Note 17 (PN17).
Sarawak Cable was classified as a PN17 company in September 2022 due to concerns raised by its external auditor about its viability as a going concern, after certain financial institutions suspended the group's credit facilities.
The company's share price closed 4.2 per cent lower at 11.5 sen today, giving it a market capitalisation of RM45.9 million.