SCIB Addresses Market Speculations, Reinforces Ongoing Business Stability and Future Growth

SCIB Assures Normal Operations Amid Market-Driven Share Price Movements

KUCHING, SARAWAK, 17 JANUARY 2024 – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ("SCIB" or the "Company"), in response to the Unusual Market Activity (UMA) query from Bursa Malaysia regarding the trading activity, wishes to clarify where the current operational status and outlook. SCIB assures to the stakeholders that the Company is operating as normal and remains focused on the Company’s strategic objectives and growth plans.

SCIB acknowledges the recent fluctuations in share price but emphasises that these movements are market-driven and outside the company's control.

In reaffirming the Company’s commitment to transparency and shareholder value, SCIB highlights the recent achievements that underscore a robust business trajectory. Notably, these include securing a RM97.7 million EPCC contract for the University Malaysia Kelantan project, signing a critical MOU for a RM250.0 million housing project in Bintulu with Kemena City Development Sdn. Bhd. and Smart Borneo Properties Sdn Bhd, and acquiring a RM16.8 million contract for the Projek Pembinaan Pangkalan Pasukan Gerakan Udara PDRM Sarawak. These significant milestones exemplify SCIB's diverse capabilities and strategic growth in various key sectors.

Mr. Ku Chong Hong, Group Managing Director of SCIB commented: “As a publicly-traded entity, we recognise that share price volatility can occur due to various market factors. SCIB does not have any influence over its share price movements and is not aware of any specific reasons for the recent trading activity. However, it's important to note that SCIB has turned profitable in the latest financial quarter, reflecting the effectiveness of our strategic initiatives and operational efficiencies.”

He added, “SCIB is steadfast in executing its strategic plan, as evidenced by our recent project wins and ongoing corporate activities. Our focus remains on delivering excellence in our projects, maintaining financial discipline, and pursuing growth opportunities that align with our core strengths. This commitment to our strategic direction is fundamental to our continued profitability and long-term success.”

Looking ahead, SCIB is optimistic about the Company’s prospects and business pipeline. SCIB continues to actively explore new ventures and collaborations that complement the Group’s existing portfolio. With a solid track record and a clear strategic direction, SCIB is well-positioned to capitalise on market opportunities and deliver sustainable value to shareholders and stakeholders.

SCIB appreciates the continued support from the Company’s investors and stakeholders and is committed to providing regular updates on the latest progress and developments.