KUALA LUMPUR (Sept 2): Cable and wire manufacturer Southern Cable Group Bhd has received a RM30.38 million award from Telekom Malaysia Bhd (TM) for the supply, delivery, installation, testing and commissioning of rectifier systems.
In a bourse filing, Southern Cable said its wholly-owned subsidiary Southern Cable Sdn Bhd had accepted the letter of award (LOA) from TM today.
The group said the rectifier systems will cater for TM’s requirement in Peninsular Malaysia and East Malaysia from September 2021 until February 2024. Also included in the contract is dismantling works for rectifier replacement or upgrade programmes.
The group expected the award to contribute positively to its earnings over the duration of LOA from Sept 1, 2021 until Feb 28, 2024.
Share price of Southern Cable closed up 1.5 sen or 3.57% to 43.5 sen today, giving it a market capitalisation of RM348 million. The stock has gained 28% compared to its initial public offering price of 34 sen, when it was listed on the ACE Market on Oct 16, 2020.