KUALA LUMPUR: Sarawak Consolidated Industries Bhd
(SCIB) has obtained shareholder approval for a disposal exercise with a total potential value of RM151.19mil.
In a statement, the industrialised building systems specialist said the proposals include the disposal of its entire stake in SCIB Concrete Manufacturing Sdn Bhd for RM113mil, as well as seven parcels of land with a combined value of RM38.19mil.
SCIB said the exercise will allow it to unlock value from its manufacturing business and land assets, while repositioning the group to focus on construction and engineering, procurement, construction and commissioning (EPCC) activities.
The company added that the disposal is expected to strengthen its balance sheet through improved liquidity and cash inflows.
Proceeds will be used to fund ongoing and future construction and EPCC projects, support property development, and enhance working capital.
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.
