Fong resigned due to personal reasons, prevailing circumstances and recent developments concerning SCB. – File photo
KUCHING (May 4): Former state attorney general Datuk Seri Fong Joo Chung has stepped down as the non-independent non-executive deputy chairman of Sarawak Cable Bhd (SCB).
The company announced this yesterday with immediate effect, according to a news report by The Edge.
According to the report, SCB said Fong, 75, resigned due to personal reasons, prevailing circumstances and recent developments concerning SCB, and did not elaborate on the circumstances or recent developments related to the company that resulted in Fong’s resignation.
Appointed to the board of SCB on Sept 9, 2009, Fong holds a 0.1 per cent direct stake in the company based on its latest annual report.
He also sits on the boards of Sarawak Energy Berhad and Bintulu Port Holdings Berhad as a non-independent non-executive director.
SCB fell into PN17 status in September 2022 due to concerns raised by its external auditor about its viability as a going concern, after certain financial institutions suspended the group’s credit facilities.
On May 2, The Edge reported that SCB had once again obtained a time extension to submit its PN17 regularisation plan from Bursa Malaysia.
The report said that SCB’s bourse filing showed the deadline had been extended by another six months to Sept 30 from March 31 this year. The original deadline was Nov 1 last year.
SCB shares trading could be suspended and the company delisted if it fails to submit its regularisation plan to the authorities on or before the new deadline.
The company recently reported its eighth consecutive quarterly loss due to the stand-still in its credit and financing lines, and a loss on the disposal of a subsidiary.
For the financial quarter ended Feb 29 this year, SCB’s net loss widened to RM21.04 million from RM14.16 million a year earlier, while revenue declined 43 per cent to RM74.43 million from RM130.55 million.
As at Feb 29 this year, SCB’s cash and cash equivalents stood at RM23.85 million, while its current loans and borrowings amounted to RM381.82 million.
SCB shares reportedly slipped half a sen or 3.23 per cent to close at 15 sen on Thursday, valuing the group at RM60 million. The stock has dropped 26 sen or 63.41 per cent since the end of last year.