SCIB Gets Shareholder Nod For RM151.19 Mln Disposal Exercise

KUALA LUMPUR, May 4 (Bernama) -- Sarawak Consolidated Industries Bhd (SCIB) has obtained shareholders’ approval for a strategic divestment exercise with a total potential value of RM151.19 million at its extraordinary general meeting (EGM).

In a statement today, the industrialised building systems specialist said the proposals involves the disposal of a 100 per cent equity interest in SCIB Concrete Manufacturing Sdn Bhd for RM113 million, as well as the disposal of seven parcels of land with a combined pre-agreed value of RM38.19 million.

“This landmark approval marks a decisive step in SCIB’s strategic reset, enabling it to unlock value from its manufacturing business and landbank assets while repositioning itself into a more focused construction and engineering, procurement, construction and commissioning (EPCC) player.

“The disposal exercise is expected to significantly strengthen SCIB’s balance sheet through immediate cash inflows and improved liquidity,” it added.

SCIB said the proceeds will be used to fund ongoing and future construction and EPCC projects, support property development, strengthen working capital and optimise capital structure.

Executive chairman Datuk Chong Loong Men said the strong support from shareholders reflects a clear alignment on the group’s future direction.

“This exercise allows us to unlock significant value from our manufacturing business and landbank, while strengthening our financial position to pursue larger and more sustainable opportunities in the construction and EPCC space.

“We are effectively resetting SCIB on a stronger, more focused foundation,” he said.

-- BERNAMA