Key highlights:
- Olympic Cable Company, an OSK Holdings Berhad subsidiary, will be acquiring assets of Universal Cable including the manufacturing plants, land and machinery.
- Universal Cable, which is under liquidation, will effectively sell off its key assets for a total purchase consideration of RM85 million.
Kuala Lumpur, 6 September 2024 – OSK Holdings Berhad (“OSK Group” or “the Group”), via its subsidiary, Olympic Cable Company Sdn. Bhd. (“Olympic Cable”), entered into a sale and purchase agreement with Universal Cable (M) Berhad (“Universal Cable”) to acquire its assets.
Universal Cable, currently under liquidation, will be disposing its two manufacturing plants in Tebrau and Plentong, Johor together with its land and machinery, for a total purchase consideration of RM85 million.
With this proposed acquisition, 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 the acquisition of an existing plant and its operations would accelerate the Group’s production volume and capabilities.
“This strategic acquisition marks a pivotal moment in our growth trajectory. By integrating an established plant and its operations, we are not only boosting our production capacity but also accelerating our 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.
Currently, Olympic Cable has an extensive portfolio which includes the manufacturing and sale of copper and aluminium low-voltage and medium-voltage cables, fire-resistant cables, solar DC cables, fibre optic cables, and transmission cables. The company has a 56-year track record serving industries including power utilities, infrastructure, construction and buildings.
