OSK Group managing director Ong Ju Yan
KUALA LUMPUR: OSK Holdings Bhd
's indirect 97.47%-owned subsidiary, Olympic Cable Company Sdn Bhd, has proposed to acquire property and assets in Johor Bahru from Universal Cable (M) Bhd for RM85mil.
The group said it will be purchasing two manufacturing plants in Tebrau and Plentong, together with its land and machinery, from Universal Cable, which is currently undergoing liquidation.
According to a filing with Bursa Malaysia, the net book value of the property and assets stood at RM146.04mil as at May 31, 2023.
OSK said the purchase consideration will be satisfied entirely in cash through internally generated funds.
With the proposed acquisition, the group said Olympic Cable is poised to expand its capabilities, particularly in the high-voltage cable segment, further solidifying its market presence in Malaysia.
This move aligns with the group’s broader vision of becoming a market leader in the cable manufacturing industry, both domestically and in key regional markets.
OSK Group managing director Ong Ju Yan said that by integrating an established plant and its operations, the group will boost its our production capacity and accelerate its innovation capabilities.
"This expansion is a critical component of our strategy to grow our presence in the cable manufacturing sector, enhancing our competitive edge in securing major contracts both locally and internationally.
"We are confident that the acquisition will contribute positively to the financial performance of the group in the long run," he said in a statement.
