SCIB AWARDED RM162 MILLION CONTRACT FOR PPAM DEVELOPMENT WORK IN PERAK

Company Secures Major Contract to Enhance Affordable Housing Infrastructure in Perak

KUCHING, 25 JULY 2024 – Industrialised building systems specialist, Sarawak Consolidated Industries Berhad ("SCIB" or the "Company"), is pleased to announce that through its wholly-owned subsidiary SCIB Properties Sdn. Bhd. (“SCIBP”), had successfully secured a substantial contract from Awana JV Suria Saga Sdn. Bhd. ("AJVS") for the development, infrastructure and main building works of the Program Perumahan Penjawat Awam (PPAM) in Mualim, Perak. This project, valued at RM162.0 million, involves the construction of both affordable housing and commercial units across two phases, emphasising SCIB's commitment to enhancing housing infrastructure in Malaysia.

The PPAM project will be carried out in two phases. Phase 1A will consist of 346 units of single-storey affordable terrace houses (Type B) and 28 units of two-storey shop offices. Phase 1B will include 455 units of double-storey affordable terrace houses (Type A). The development spans approximately 48.56 hectares across several lots in Mukim Hulu Bernam Timur, Mualim, Perak. The total contract sum for this project is RM162 million, with a contract period of 23 months.

Mr. Ku Chong Hong, Managing Director of SCIB, remarked: “We are honoured to be entrusted with this significant project which aligns with our strategic focus on sustainable community development. This contract not only strengthens our portfolio in the construction sector but also underscores our dedication to contributing to Malaysia's affordable housing landscape. We are confident in our ability to deliver quality living spaces that meet the desired standards of construction and environmental sustainability. Our recent projects and strategic partnerships continue to drive our confidence in maintaining profitability and achieving long-term growth.”

The new project adds to SCIB's impressive portfolio and exemplifies the Company's ability to undertake and complete large-scale infrastructure projects. SCIB remains committed to delivering projects that add value to its stakeholders and support the nation’s development goals.

Most recently, SCIB announced the securement of Islamic banking facilities amounting to RM70 million from Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank). This move enhances SCIB's financial agility and supports its commitment to operational excellence and growth.

As at 5:00 P.M. 25 July 2024, the share price of SCIB closed at RM0.290, reflecting a market capitalisation of RM191 million.