Industrialised building systems specialist, Sarawak Consolidated Industries Berhad (“SCIB” or the “Company”) today announced that shareholders have approved all resolutions tabled at its Extraordinary General Meeting (“EGM”), paving the way for a transformational disposal exercise with a total potential realisation value of approximately RM151.19 million.
The approved proposals comprise the disposal of 100% equity interest in SCIB Concrete Manufacturing Sdn. Bhd. (“SCM”) for RM113.0 million, alongside the disposal of seven (7) parcels of land with a combined pre-agreed value of RM38.19 million.
This landmark approval marks a decisive step in SCIB’s strategic reset, enabling the Company to unlock value from its manufacturing business and landbank assets while repositioning itself into a more focused Construction and Engineering, Procurement, Construction and Commissioning (“EPCC”) player.
The disposal exercise is expected to significantly strengthen SCIB’s balance sheet through immediate cash inflows and improved liquidity. Proceeds from the disposal will be channelled towards funding ongoing and future Construction & EPCC projects, supporting property development initiatives, strengthening working capital and optimising the Group’s capital structure.
Executive Chairman Datuk Chong Loong Men commented,
“The strong support from our 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.”
Malaysia’s construction sector continues to be supported by strong infrastructure spending, particularly in East Malaysia. Projects such as the Sarawak–Sabah Link Road and broader regional development initiatives are expected to sustain demand for engineering and construction services.
With shareholder approval secured, SCIB is now positioned to execute its next phase of growth with a clearer strategic focus, stronger balance sheet and improved capital discipline.
For more information, visit scib.com.my.
