Southern Cable debuts on ACE Market with 38.5 sen high

by HARIZAH KAMEL / pic by BLOOMBERG

CABLE and wire manufacturer Southern Cable Group Bhd made its debut on the ACE Market of Bursa Malaysia Securities Bhd shares opened down half a sen or 1.47% at 33.5 sen compared to its issue price of 34 sen.

It reached a high of 38.5 sen within the first 15 minutes of trading with an opening volume of 16.9 million shares.

The group targets to enter the automotive and elevator segments by the second half of 2021 (2H21) by introducing a new product range, including power and control cables and wires for automotive and elevator applications. The new range of cables and wires for the automotive and elevator segments are expected to be developed and commercialised in 2H21.

Some 203.56 million shares were exchanged, making it the most active stock on the stock exchange this morning.