KUALA LUMPUR (May 10): Sarawak Cable Bhd (KL:SCABLE) says it has identified "a strong alternative party" who is interested in spearheading a resuscitation plan for the group, after its plan to regularise its financials with the help of UK-based Serendib Capital Ltd fell through.

The loss-making cables maker further said that it had been unable to reach an agreement with Serendib Capital on their working relationship, given a delay in proposing and implementing any debt settlement with the company's creditors within the agreed-upon period under the memorandum of agreement (MOA) inked in December last year.

"The company is of the view that the delay is against the best interest of the company, its creditors and shareholders. In this regard, the company had identified a strong alternative party who has expressed an interest in spearheading a resuscitation plan," it said in a bourse filing.

It further said that the termination of the MOA with Serendib would not impact the group's regularisation plan to exit its Practice Note 17 status.

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