CEO Morning Brief

SCIB Bags RM38m Road Infrastructure Job in Sarawak

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Publish date: Tue, 24 May 2022, 08:53 AM
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TheEdge CEO Morning Brief
SCIB bags RM38m road infrastructure job in Sarawak

KUALA LUMPUR (May 23): Sarawak Consolidated Industries Bhd (SCIB) has bagged a RM38 million job from Masama Sdn Bhd to undertake a road infrastructure project connecting Baleh Bridge, RH Belaja, Ng Benin, SK Ng Pelagus and Pelagus Resort in Kapit, Sarawak.

In a filing with Bursa Malaysia on Monday (May 23), the group said its wholly-owned subsidiary SCIB Properties Sdn Bhd has accepted a letter of award and acceptance for the engineering, procurement, construction and commissioning contract.

The contract will commence from May 2022 to March 2023.

“The contract secured is not expected to have any material effect on the group's net assets for the financial year ending June 30, 2022.

“The contract secured is expected to contribute positively to SCIB Group’s future earnings over the duration of the contract,” SCIB added.

In a separate statement, SCIB group managing director and chief executive officer Rosland Othman said the road infrastructure project in Sarawak gives the group the momentum it needed to continue cementing its presence into the state.

"We will continue to leverage our core expertise to secure new projects and we firmly believe that this project will not only boost our order book and financial position but also it will benefit our growing footprint of projects in Sarawak," he added.

Shares in SCIB ended 1.5 sen or 6.98% higher at 23 sen on Monday, giving it a market capitalisation of RM130.83 million.

Source: TheEdge - 24 May 2022

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