Sunday 01 Oct 2023
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KUALA LUMPUR (March 15): Sarawak Consolidated Industries Bhd (SCIB) has bagged an engineering, procurement, construction and commissioning (EPCC) job worth approximately RM135 million in Muallim, Perak.

The group said its wholly-owned subsidiary SCIB Properties Sdn Bhd has accepted a letter of award and acceptance for the development of Malaysia civil servants housing program (PPAM), according to a bourse filing today.

The client is Puncak Gemilang Melati Sdn Bhd and the total duration of the job is 26 months.

SCIB said the job is not expected to have any material effect on the net assets of SCIB and its group of companies (SCIB Group) for the financial year ending Dec 31, 2021.

“The contracts secured are expected to contribute positively to SCIB Group’s future earnings over the duration of the contracts,” said the group.

Risk factors included construction risk, increase in cost due to any escalation of material costs, availability of skilled manpower, materials and contractual terms including default provision and subcontractors’ performance as well as foreign exchange risks due to currency fluctuations, said SCIB.

“However, SCIB will put in place control measures and operational procedures to mitigate the risks,” it added.

At the 12.30pm break, SCIB was five sen or 2.56% lower at RM1.90, translating into a market capitalisation of RM932.01 million. It saw some 3.74 million shares changing hands.

Edited BySurin Murugiah
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