KUALA LUMPUR (Sept 17): Southern Cable Group Bhd has received the nod from the Securities Commission Malaysia to transfer its listing status to the Main Market of Bursa Malaysia, 11 months after its ACE Market debut in October 2020.

Southern Cable, which manufactures cables and wires used for the power and telecommunication sectors, said the transfer of the listing status is expected in the fourth quarter of this year, conditional upon approval from Bursa Securities.

Shares of Southern Cable settled up 3.53% or 1.5 sen to 44 sen on Friday, giving it a market capitalisation of RM347.91 million. Compared with its initial public offering of 34 sen per share, the stock has gained 29.4%.

“The transfer listing of Southern Cable to the Main Market provides us with more visibility among local and foreign investors to participate in our growth potential and prospects,” said its managing director Tung Eng Hai in a statement today.

“Meanwhile, with the economy reopening under the National Recovery plan, the upcoming announcement of 12th Malaysia Plan and Budget 2022, we anticipate the demand for cables and wires to increase, in line with the accelerated economic activity.

“This would enable us to capture the expected growth of various sectors such as construction and infrastructure, power, solar, as well as 5G telecommunication network expansion plans,” he added.

The company recently secured a RM30.4 million rectifier systems supply contract from Telekom Malaysia Bhd, to be fulfilled over 30 months from September 2021.

Southern Cable is also a registered supplier of cables and wires with Tenaga Nasional Bhd, Sabah Electricity Sdn Bhd and Petroliam Nasional Bhd (Petronas).