A recently management revamped company, Sarawak Consolidated Industries Berhad has entered into a Memorandum of Understanding with Kemena City Development Sdn. Bhd. and Smart Borneo Properties Sdn. Bhd. on a potential joint venture focusing on a substantial residential development project in the Kemena Land District, Bintulu, Sarawak, with a projected value of RM250 million.
The proposed project is for development of an approximately 50 acres land into around 600 residential units in Bintulu. SCIB, through its subsidiary SCIBP, brings its extensive expertise in engineering, procurement, construction, and commissioning with the real estate development experience of KCD and SBP.
SCIB said it views this MOU as a testament to the Company’s ongoing commitment to growth and innovation in the real estate sector. While this agreement is exploratory in nature, it underscores SCIB’s proactive stance in seeking out collaborative ventures that align with its long-term strategic objectives.
As at 12 December 2023, 5 P.M., SCIB’s share price stands at RM0.765, a market capitalisation of RM489.8 million.
