PETALING JAYA: Sarawak Consolidated Industries Bhd
(SCIB) is acquiring 2.49ha leasehold land in Bintulu, Sarawak from Ginteck Sdn Bhd for RM9.23mil.
In a filing with Bursa Malaysia, SCIB said the acquisition of the land is to expand SCIB group’s business operations through collaboration with developers, to jointly develop and construct residential housing projects that use its own manufactured products.
“The land will be converted into mixed development that brings sustainable revenue in both engineering, procurement, construction and commissioning and manufacturing segments.”
SCIB said the purchase consideration will be satisfied by a combination of internally generated funds and financing facilities to partially finance the purchase of the property.
“At this juncture, SCIB is unable to determine the exact breakdown between the internally generated funds and bank borrowings.”
SCIB said the proposed acquisition is expected to increase total assets, but no material financial impact on earnings, net assets, gearing, share capital and substantial shareholdings of SCIB group for the financial year ending June 30, 2025.
