SCIB Shareholders Approve Key Resolutions at AGM

11 Resolutions Receive Full Backing, Signalling Strong Shareholder Confidence

KUCHING, SARAWAK, 11 DECEMBER 2023 – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ("SCIB" or the "Company"), is pleased to announce the approval of all resolutions presented at its recent Annual General Meeting (“AGM”). This strong show of support from the shareholders underscores their confidence in SCIB’s strategic direction and leadership.

The AGM, a pivotal event for the company, saw shareholders casting their votes on a series of critical resolutions. Notably, the Ordinary Resolution 4, Ordinary Resolution 8, and Ordinary Resolution 11 were removed and not presented for voting. Additionally, the AGM was marked by significant changes to the SCIB Board of Directors, aligning with the company’s focus on strengthened governance and strategic growth.

Mr. Ku Chong Hong, Group Managing Director of SCIB, said, Mr. Ku Chong Hong, Group Managing Director of SCIB, said, “The approval of all resolutions at our AGM, coupled with the appointment of new board members, is a resounding affirmation of our strategic path and operational decisions. This level of support from our shareholders is not only encouraging but also empowering. It reinforces our commitment to deliver on our promises and to continue driving growth and value creation for all stakeholders.”

He added, “The approved resolutions and the new appointments to our Board reflect SCIB’s dedication to maintaining high standards of corporate governance, financial prudence, and operational excellence. These decisions are in line with our long-term strategy to strengthen the Company’s market position and enhance shareholder value.”

The board changes include the appointment of Dato’ Sri Zaini Bin Jass as the Independent and Non-Executive Chairman, Dato’ Tan Bok Koon as an Independent and Non-Executive Director, and Chiew Jong Wei as an Executive Director. Additionally, the Company acknowledges the retirement of Executive Chairman Encik Abang Abdillah Izzarim Bin Datuk Patinggi Tan Sri Abang Haji Abdul Rahman Zohari and Independent and Non-Executive Director Toh Beng Suan, and the resignation of Independent and Non-Executive Director Encik Shamsul Anuar Bin Ahamad Ibrahim.

This unanimous vote of confidence from the shareholders comes at a time when SCIB is making significant strides in business operations, further evidenced by recent successful contract awards and ongoing projects. SCIB remains focused on leveraging core strengths and exploring new opportunities to ensure sustained growth and profitability.

SCIB extends gratitude to the shareholders for their unwavering support and trust. The Company remains committed to transparent and regular communication with stakeholders and is poised for continued success in the future.