Unit of PETRA Group completes acquisition of stake in SCB through private placement

Kuala Lumpur, 6th August 2021: PETRA Transit Systems Sdn Bhd (PTS) has emerged as a substantial shareholder of Sarawak Cable Bhd (SCB), the largest cable and wire producer in Malaysia and South East Asia.

PTS, the urban transit arm under the PETRA Group, completed the share subscription through a private placement of 63.41 million shares in SCB, at an issue price of RM0.3559 each. PTS now holds 15.38 percent of shares in SCB post-placement.

Dato' Ahmad Redza bin Abdullah, Chief Executive Officer of SCB said, “I would like to thank Datuk (Dr) Vinod Sekhar and the PETRA Group for their support and belief in us through this investment.”

Datuk (Dr) Vinod who is the Chairman and Chief Executive of PETRA Group said, “A year ago, I made a commitment to increase our presence in Borneo Malaysia. We started in Sabah and I am proud to start this journey into Sarawak”

Datuk Seri Shahril Mokhtar, who was recently appointed as the Chief Executive of PTS, added that there are many synergies between SCB and PTS as well as the broader PETRA Group. “We are confident that there will be opportunities for us to collaborate together going forward, and we will play our role to support SCB achieve its objectives” he said.

PTS has expertise in complete monorail system solutions, from the trains, guideway beams, architecture and master planning, to project management of advanced, light urban transit systems and infrastructure.