Industrialised building systems specialist, Sarawak Consolidated Industries Berhad (“SCIB” or the “Company”) is pleased to announce that it has received an indicative letter of offer from YTL Cement (Sarawak) Sdn. Bhd. (“YTL Cement”), an indirect subsidiary of YTL Corporation Berhad, to acquire 100% equity interest in SCIB Concrete Manufacturing Sdn. Bhd. (“SCIB Concrete”), a wholly-owned subsidiary of SCIB. The proposed transaction carries an indicative purchase price of RM113.0 million.
Following deliberation, the Board of Directors of SCIB has resolved to accept the indicative offer, which is subject to several conditions, including the successful negotiation and execution of a definitive share sale and purchase agreement (“Definitive Agreement”).
In line with corporate governance requirements and to ensure a thorough evaluation, SCIB will appoint professional advisers in due time to provide the necessary legal, financial, and strategic advice. The proposed transaction will also require the shareholders’ approval to be convened in due course.
Datuk Chong Loong Men, Executive Chairman of SCIB, commented,
“This indicative offer represents an opportunity for the Group to explore potential value realisation in one of our core business units. While we have accepted the offer in principle, it is still early in the process.
We will proceed carefully while seeking advice from our appointed professionals and evaluating the proposal in its entirety before reaching a final decision. SCIB will continue to explore strategic opportunities and carefully consider all options, always with the aim of choosing what best serves the Company and our stakeholders.”
In accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, further announcements will be made upon the execution of the Definitive Agreement or should there be any material developments.
Throughout this process, SCIB remains committed to transparency and ensuring that the interests of all stakeholders, including shareholders, employees, customers, and business partners are carefully safeguarded and prioritised.
For more information, visit scib.com.my.
