SCIB gets loan facilities from SME Bank

PETALING JAYA: Sarawak Consolidated Industries Bhd (SCIB) and its subsidiary SCIB Industrialised Building System Sdn Bhd have secured Islamic banking facilities amounting to RM70mil from Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank).

SCIB said in a statement it has structured two major facilities from the bank to enhance its financial operations and project execution capabilities.

The first, a Kafalah Bank Guarantee-i facility valued at RM15mil, is designated for issuing performance guarantees.

The second facility, a Revolving Credit-i worth RM55mil, is designed to finance the working capital requirements associated with the contracts from the same types of awarding parties as Kalafah.

“This ensures SCIB maintains sufficient liquidity to manage and deliver projects efficiently, supporting the company’s robust operational flow and enhancing its delivery capacity across various governmental and semi-governmental projects,” it said.