SCIB Secures RM97.7 Million EPCC Contract for University Malaysia Kelantan Project

SCIB’s Subsidiary to Undertake Comprehensive Construction Works at Kampus Bachok

KUCHING, SARAWAK, 16 JANUARY 2024 – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ("SCIB" or the "Company"), is pleased to announce that the Company’s wholly-owned subsidiary, SCIB Industrialised Building System Sdn. Bhd., has on 16 January 2024, accepted a significant Letter of Award and Acceptance (“LOA”) from Landasan Kapital (M) Sdn. Bhd. This LOA marks a substantial contract win for SCIB, entailing an engineering, procurement, construction, and commissioning (“EPCC”) contract, underlining the company's expanding portfolio in major construction projects.

The contract, valued at RM97.7 million, involves comprehensive construction responsibilities for the University Malaysia Kelantan’s new student residence at Kampus Bachok. The project scope includes supplying materials, labour, tools, and equipment for the execution of civil and structural, architectural, and mechanical works, showcasing SCIB's multi-disciplinary capabilities in the construction sector.

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Mr. Ku Chong Hong, Group Managing Director of SCIB said, “This contract is a significant achievement for SCIB and reinforces our reputation as a key player in the EPCC domain across Malaysia. Our involvement in the University Malaysia Kelantan project at Kampus Bachok reflects our expertise and commitment to delivering high-quality construction services. We are excited to contribute to the development of educational infrastructure in Malaysia, which is a testament to our dedication to supporting the nation’s educational advancements.”

This contract win not only underscores SCIB’s expertise in securing and executing large-scale construction projects but also reflects the Company’s commitment to Environmental, Social, and Governance (ESG) principles by contributing to the construction of educational infrastructure.

In undertaking this project, SCIB reaffirms the commitment to upholding the highest standards of quality and efficiency, ensuring that the construction process adheres to environmentally sustainable practices. SCIB's involvement in the University Malaysia Kelantan project is not just about delivering excellence in construction but also about contributing positively to the academic community and society at large.

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

As at 16 January 2024, 5 P.M., SCIB’s share price stands at RM0.835, signifying a market capitalisation of RM534.6 million, with outstanding orderbook balance of RM361.7 million.