SCIB Unveils Visionary RM250 Million Bintulu Housing Project MOU

Landmark 600-Unit Development in Partnership with Kemena City and Smart Borneo

KUCHING, SARAWAK, 12 DECEMBER 2023 – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ("SCIB" or the "Company"), is pleased to announce SCIB Properties Sdn. Bhd. ("SCIBP"), a wholly-owned subsidiary of SCIB, has entered into a Memorandum of Understanding (“MOU”) with Kemena City Development Sdn. Bhd. ("KCD") and Smart Borneo Properties Sdn. Bhd. ("SBP"). This MOU marks the preliminary stage for a potential joint venture focusing on a substantial residential development project in the Kemena Land District, Bintulu, Sarawak, with a projected value of RM250 million.

This MOU paves the way for a detailed exploration and assessment of the joint venture's feasibility. The proposed project envisages the development of approximately 50 acres of land into around 600 residential units, signifying a major undertaking in Bintulu's property development sector.

SCIB, through its subsidiary SCIBP, brings its extensive expertise in engineering, procurement, construction, and commissioning to the table. Coupled with the real estate development experience of KCD and SBP, this MOU sets the foundation for a strategic collaboration that could significantly impact Sarawak’s residential housing market.

Mr. Ku Chong Hong, Group Managing Director of SCIB said, “We are immensely grateful for the dedication and contribution of Abang Abdillah Izzarim Bin Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Johari during his time with us. His commitment has been instrumental in SCIB’s growth and success, and we are excited to continue this journey with him as a long-term, sustainable partner. This enduring partnership has played a key role in securing our new project in Bintulu, Sarawak. Signing this MOU is a crucial first step towards what we envision as a landmark development in Bintulu. While this is just the initial stage, our optimism is high about the potential of this collaboration to culminate in a successful joint venture. SCIB is fully committed to exploring this opportunity with KCD and SBP, aiming to significantly contribute to the community through quality residential development.”

Abang Abdillah Izzarim Bin Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Johari, reflecting on his tenure, stated, "I extend my deepest gratitude to SCIB for the incredible experience over the past few months. It has truly been a privilege working alongside such a dedicated and committed team. While my journey with the group has come to an end, I am excited to transition into a long-term relationship with SCIB. Together, we aim to achieve remarkable milestones and contribute to the continued success of the company."

SCIB views this MOU as a testament to the Company’s ongoing commitment to growth and innovation in the real estate sector. While this agreement is exploratory in nature, it underscores SCIB’s proactive stance in seeking out collaborative ventures that align with its long-term strategic objectives.

As at 12 December 2023, 5 P.M., SCIB’s share price stands at RM0.765, signifying a market capitalisation of RM489.8 million.