SCIB IBS Secures Subcontracting Role for Major Housing Development Project in Kelantan

SCIB's subsidiary has been awarded a prestigious project under the State's GLC for a Federal Grant-Backed Housing Project

KUCHING, SARAWAK (04 JULY 2023) – Civil engineering specialist Sarawak Consolidated Industries Berhad ("SCIB" or the "Company") is pleased to announce that its wholly-owned subsidiary, SCIB Industrialised Building System Sdn. Bhd.  ("SCIB IBS"), has been appointed as the principal subcontractor for a significant housing development project in Kelantan Darul Naim.

The project, under the banner of SPP Development Sdn. Bhd., a subsidiary of the Perbadanan Kemajuan Iktisad Negeri Kelantan (“PKINK”), includes the construction of 35 single-storey terrace houses, 12 double-storey terrace houses, all situated in the Bachok region of Kelantan. The project has been awarded to MinDagang Resources Sdn. Bhd. as the main contractor, with SCIB IBS stepping in as the principal subcontractor.

SCIB IBS’s appointment comes with a contract value of RM8,257,000.00. The construction period is stipulated to be 16 months, with all terms and conditions to be agreed upon and signed in the forthcoming Contract Agreement.

On 4 July 2023, SCIB IBS received the Letter of Award from MinDagang Resources Sdn. Bhd., marking a significant stride for the company. The project, being part of the RM400 million federal grant for state housing, not only offers secured payment but also underlines SCIB's growing reputation in the industry.

This new development will reinforce SCIB's financial stability and robustness and pave the way for future growth opportunities, thus creating long-term shareholder value. Moreover, the continuous business collaboration with state government entities not only enhances SCIB's reputation but also opens up new opportunities for SCIB group. These strategic steps align with the company's aim to sustain profitability while delivering value to all its stakeholders, amplifying SCIB's financial resilience in a competitive marketplace.

Mr. Ku Chong Hong, the Managing Director of SCIB, expressed satisfaction with this new achievement. "The selection of SCIB IBS as the principal subcontractor for this housing project is a testament to our solid capabilities in the construction sector. We look forward to delivering top-notch work and strengthening our relationship with state government entities for more projects in the future." he said.

As at the end of 3QFY2023, SCIB’s order book stood at a cumulative contract value of RM495.3 million.