Sarawak Consolidated Ind Bhd (SCIB)

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RM30mil for 200 lamp posts? Please explain, DAP tells DBKL

PETALING JAYA: The RM30.75 million contract for replacing 200 lamp posts in the Klang Valley must be explained in detail as it appears to be too costly, says the DAP.

Earlier this week, it was reported that the contract was awarded to Sarawak Consolidated Industries Berhad (SCIB) via Ennova Sdn Bhd.

“Paying RM30.75 million for just 200 lamp posts has raised some questions. People are asking if the contract is limited to merely installing them or does it involve other work too.

“Based on the total project price, the cost of replacing one lamp post comes to RM153,750. DBKL must clarify this,” the Kepong MP said.

“Why couldn’t DBKL award the contract directly to SCIB?” he said, of the contractor which is a public listed company.

Source: Bernama

https://www.freemalaysiatoday.com/categ ... ells-dbkl/

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SCIB inks partnership with Indonesian firms on 4G telecom tower project

by Sulhi Khalid

“SCIB is at a distinct advantage for this project as more than 60% of the proposed sites of the 4G telco towers are located in Kalimantan in Indonesian Borneo, which provides optimal opportunities to synergise our business as our three factories are located in Kuching, Sarawak.

Expected to take three years to complete and involves the construction and installation of 4G telecommunications towers in 3,704 villages.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... er-project

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4Q Results

Revenue: RM 26m
Losses: RM 37m
NAV: 0.17

https://www.bursamalaysia.com/market_in ... id=3287128

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SCIB posts net loss of RM36.5mil in 4Q on impairment loss

For the full year, SCIB posted a net loss of RM42.4mil on revenue of RM128.4mil.

The RM50bil MRT3 project and the continuation of other large civil infrastructure projects are also contributing positive impacts to the construction sector .

SCIB would continue to seek projects in Sabah and Sarawak in which RM5.2bil and RM4.6bil were allocated respectively under Budget 2022.

Source: The Star

https://www.thestar.com.my/business/bus ... rment-loss

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SCIB’s auditor expresses qualified opinion on FY22 financial statement

by Izzul Ikram

Pertaining to a settlement agreement relating to six construction projects carried out in Qatar and Oman.

Nexia was unable to determine the “accuracy, existence and completeness” of the group and company’s receivables due from the foreign project owners’ as at July 1, 2021, amounting to RM60.67 million and RM11.86 million respectively.

Additionally, Nexia said it was also unable to determine the “accuracy and correctness” of accumulated losses as at July 1, 2021, amounting to RM53.92 million and RM38.11 million for the group and company respectively.

“There is no financial impact in particular to the trade receivables balances in respect to the foreign project owners, which have been fully impaired in the financial statements for FY22,” the group said.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... -statement

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Eight SCIB shareholders seek EGM to boot Azri Azerai, two others from board, appoint four new directors

By theedgemalaysia.com

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/669371

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SCIB falls 22% from 30-month high, intra-day short-selling suspended

By Adam Aziz

The group, which undertook infrastructure projects in Sarawak as well as Peninsular Malaysia, returned to the black in its first quarter ended Sept 30, 2023 (1QFY2024), following a period of losses which dragged the company into the red for three financial years in FY2021-FY2023.

In 1QFY2024, SCIB made a net profit of RM926,000 or 0.14 sen per share, from net loss of RM871,000 or 0.15 sen per share a year ago. Revenue rose by one third to RM39.4 million, from RM30.33 million.

At end-September 2023, SCIB had cash of RM14.46 million, against total borrowings of RM40.37 million, for net gearing of 0.18 times. Retained losses stood at RM83.09 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/697506

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SCIB hits limit down for second day

By Hee En Qi

The manufacturer of precast concrete and industrialised building system products currently operates three factories in Kuching, Sarawak, one factory in the Pending Industrial Estate and two factories in the Demak Laut industrial park.

In the first quarter of FY2024, SCIB made a net profit of RM926,000 or 0.14 sen per share, from a net loss of RM871,000 or 0.15 sen per share a year ago.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/697648

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SCIB in talks for potential land acquisition in Sarawak

Is in talks with the Land and Survey department of Sarawak for the potential acquisition of 22 acres of land for the purpose of expanding the production capacity of the group.

Source: The Star

https://www.thestar.com.my/business/bus ... in-sarawak

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SCIB gets shareholder approval for debt capitalisation, LTIP

The first proposal involves the capitalisation of an aggregate RM11.3mil debt owed to Goh Hardware & Construction Sdn Bhd by SCIB Properties Sdn Bhd, a subsidiary of SCIB. Via the initiative, SCIB will issue about 18.5 million new ordinary shares at an issue price of 61.1 sen, significantly above the current market price of 31 sen.

Implementation of a Long-Term Incentive Plan (LTIP) covering up to 15% of the total number of issued shares at any point in time during the LTIP's tenure.

Source: The Star

https://www.thestar.com.my/business/bus ... ation-ltip