BUSINESS

SCIB THE MOST ACTIVE STOCK ON PARTICIPATION IN SEA-H2X PROJECT

12/07/2023 11:25 AM

KUALA LUMPUR, July 12 (Bernama) -- Sarawak Consolidated Industries Bhd (SCIB) was the most actively traded stock on Bursa Malaysia in the early session today as the company inked a memorandum of understanding with IRIX Sdn Bhd to participate in the Southeast Asia-Hainan-Hongkong Express Cable System (SEA-H2X) project.

As at 10.39 am, the counter eased half sen to 48 sen with a total of 68.77 million shares changing hands.

In a filing with Bursa Malaysia Tuesday, the industrialised building systems specialist said the estimated value of its involvement in the project amounts to RM250 million and it shall take up to 30 per cent of IRIX SEA H2X’s issued capital with future collaboration in further development and expansion of the project.

IRIX is the sole shareholder of IRIX SEA H2X Sdn Bhd, which is part of an international subsea cable consortium that is involved in the project.

SCIB managing director Ku Chong Hong, in a separate statement, said the company’s selection as a strategic collaborator for this significant project underscores its strong capabilities and robust reputation in the industrialised building system sector.

-- BERNAMA

 

 


 


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