KUALA LUMPUR (Jan 7): Sarawak Cable Bhd (SCable) has proposed to settle its debts totalling RM124.59 million owing to AmBank (M) Bhd, Bank Muamalat Malaysia Bhd and Hong Leong Islamic Bank Bhd (HLISB) by restructuring the payment/repayment terms under the existing facilities. The RCD and RCD-i may be converted into new shares of SCable at any time during the five-year tenure of the RCD and RCD-i. "The debt restructuring exercise is aimed at enabling SCable to address its debt obligations by restructuring the outstanding debt to financiers and allowing SCable more time to repay the outstanding debt to financiers," the group said. Barring any unforeseen circumstances, the debt restructuring is expected to be completed by the second half of 2022. Shares in SCable finished one sen or 5.13% higher at 20 sen on Friday, valuing the group at RM81.79 million.

Source: The Edge Markets January 08, 2022 03:02 UTC