It is seen as the front runner to clinch the estimated rm1 billion 500kV electricity transmission line job in Sarawak. The is because Sarawak Cable is the only integrated power cable and electricity transmission player in the state and region.
A decision on who will win the job is expected to be announced soon.
The power outrage in Sarawak further underscores the need to expedite the implementation of the 500kV line.
As at end May 2013, Sarawak Cable had an order book of rm687 million with an outstanding amount of rm202 million.
It had announced the listing of its rights issue of 77.6 million shares if rm1 each followed by a 1 for 5 bonus issue of 46575000 shares. The rights issue will mostly be used for the financing of future projects and for procurement of war materials.
Datuk Seri Mahmud Abu Bekir Taib added 25557500 shares by subscribing for the rights issue, increasing his stake in the company to 13.79%. Mahmud is also the eldest son of Sarawak Chief Minister Tan Sri Taib Mahmud.
Sarawak Cable’s third largest shareholder and group MD Toh also took up the rights issues on July 5 2013 increasing his stake to 13.81%.
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