RM1.6mil paid via Vista Tunku shophouse

KUCHING: Zecon Bhd group will still owe SCIB Concrete Manufacturing Sdn Bhd (SCM) about RM4.77mil after settling part of its debts with a four-storey shophouse in Vista Tunku, Petra Jaya here for RM1.6mil.

The shophouse, now under construction, is to be purchased from Zecon Land Sdn Bhd.

Zecon group had total outstanding debts of RM6.03mil with SCM as at Dec 31 last year.

SCM, which is a wholly-owned subsidiary of Sarawak Consolidated Industries Bhd (SCIB), has been selling its products, including construction materials, like precast concrete pipes, prestressed spun concrete pile and other concrete products, to Zecon group.

From January to April this year, SCM had sold RM1.58mil worth of products to Zecon group and received total payment of RM1.25mil, SCIB said in reply to queries on the purchase of the shophouse from Bursa Malaysia.

It said the occupation permit of the shophouse was expected to be issued by December when it was expected to deliver the property to SCM.

The shophouse, which is priced 6% lower than the listed price of nearly RM1.7mil, is available for sale after it was acquired.

On the prospect of the shophouse, SCIB said Vista Tunku was a 100-acre mixed development project which would feature Mydin wholesale hypermarket and due for completion in May next year.

According to the company, the hypermarket when operational is expected to boost business in the area where the state administrative centre is also located.

“Besides, there are 2,000 units of apartments to be built under PRIMA-Skim Perumahan Rakyat 1 Malaysia within Vista Tunku to accommodate the increasing population due to migration and new families,” it added.

Meanwhile, Cahya Mata Sarawak Bhd (CMS) group executive director Datuk Syed Ahmad Alwee Alsree acquired 600,000 company shares or 0.17% at RM2.20 each under the employees share option scheme (ESOS) on April 22.

Syed Ahmad is the spouse of the company’s major shareholder Datuk Hanifah Hajar Taib, who has direct and indirect holdings of 46.23 million shares.

CMS shares are currently trading around the RM9.50 level.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Business , zecon


Stories You'll Enjoy