Sarawak Cable Bhd (SCB) has sold the assets of its liquidated subsidiary, Universal Cable (M) Berhad (UCMB), to Olympic Cable Company Sdn Bhd (OCCSB) for RM85 million.

UCMB, which was involved in the manufacturing and sale of telecommunication and power cables, faced financial difficulties leading to its liquidation on May 15, 2024.

Following this, Eddie Goh Hua Yang and Khoo Siew Kiat of Messrs Deloitte Restructuring Service PLT were appointed as joint and several liquidators.

On September 6 2024, the liquidators executed sale and purchase agreements (SPAs) with OCCSB.

The assets, valued at RM146.04 million as of 31 May 2023, include a factory on a 0.6254-hectare plot, a larger facility with multiple buildings on a 4.6038-hectare plot, and a site with five buildings on a 5.5163-hectare plot.

Payment will occur in stages: an initial deposit of RM1.7 million was made on 12 July 2024, with an additional RM6.8 million due soon after signing the SPAs.

The remaining RM76.5 million is expected within two months, with the transaction set to complete by the end of 2024.

The sale is being conducted on an “as is where is” basis and complies with the Companies Act 2016. No shareholder approval is needed from SCB, and the directors or major shareholders have no personal stake in the sale. –TMR