The Company also allots third tranche of 56 million private placement shares to raise up to RM21.5 million

KUCHING, Oct 14 (Bernama) -- Sarawak Consolidated Industries Berhad (“SCIB” or the “Company”), a civil engineering specialist, yesterday announced that wholly-owned subsidiary, SCIB Industrialised Building System Sdn. Bhd. (“SCIB IBS”), has accepted a Letter of Award (“LOA”) from the Sarawak Public Works Department for an engineering, procurement, construction and commissioning (“EPCC”) contract worth RM13.28 million for the redevelopment of two schools in Kanowit near Sibu.

The LOA comes under Package 13 of the RM1 billion Daif School Redevelopment Project’s second phase. SCIB IBS will take eight months from October 2021 to June 2022 for the redevelopment of the two schools.

Group Managing Director/ Chief Executive Officer of SCIB, Rosland bin Othman said, “We expect this project to contribute positively to our financial performance over the coming quarters but more importantly, this EPCC project builds on our advantage as the largest precast concrete and IBS manufacturer in East Malaysia as there are synergies for our construction activities”.

“We will continue to leverage on our experience and market presence in East Malaysia to source for business opportunities while at the same time, develop opportunities in Peninsular Malaysia as part of our growth strategy”.

On a separate matter, the Company also announced the allotment of the third tranche Placement Shares of 56 million in the capital of the Company to the placees pursuant to the private placement of up to 20% of the total number of issued shares of SCIB, in accordance with the General Mandate under Sections 75 and 76 of the Companies Act 2016. The issue price per share is RM0.3839, with the issued shares to be listed on 14 October 2021. Proceeds from the private placement of around RM21.5 million will be used for upcoming projects as well as funding for ongoing projects.

Issued by: Esente Communications (M) Sdn. Bhd. on behalf of Sarawak Consolidated Industries Berhad
Date: 13 October 2021 

Source : Sarawak Consolidated Industries Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Vincent Lam
Tel : +603 64199501/+603 64199502
Email : vshen.lam@esente.com.my 

--BERNAMA