Sarawak Consolidated Industries Berhad has received shareholders approval for two pivotal proposal which first involves the capitalisation of an aggregate RM11.3 million debt owed to Goh Hardware & Construction Sdn. Bhd.
The group said it will be achieved through the issuance of approximately 18.5 million new ordinary shares at an issue price of RM0.611, significantly above the current market price of RM0.31. This move is expected to enhance the its financial health and operational agility, reflecting the Company’s prudent financial management and strategic foresight.
Second is for the proposed establishment and implementation of a Long-Term Incentive Plan covering up to 15.0% of the total number of issued shares at any point in time during the LTIP’s tenure. The LTIP is designed to retain and motivate eligible directors and employees of SCIB, crucial for the company as it navigates through a phase of rapid expansion.
These resolutions signify a major milestone for SCIB, setting a solid foundation for the Company to advance its business objectives and deliver enhanced value to stakeholders.
