SCIB JV accepts RM138.5mil contract for Terengganu roadworks

KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB)'s joint venture with Sasoakai Resources Sdn Bhd has accepted a contract for the maintenance of roadworks in Terengganu valued at about RM138.5mil.

On Feb 2021, SCIB's subsidiary SCIB Industrialised Building System Sdn Bhd entered a joint venture agreement in relation to the maintenance of roadworks contract in Terengganu on a concession basis.

The current contract has an expected duration of five years from Aug 1, 2021, to July 31, 2026.

"The contract secured is not expected to have any material effect on the net assets of SCIB and its group of companies for the financial year ending 30 June 2022.

"Any profits attributable to the Group would be realized in stages over the tenure of the contract based on the progress of the project," said SCIB.

The contract secured is expected to contribute positively to SCIB’s future earnings over the duration of the contract.
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