Sarawak Consolidated Industries Berhad (SCIB) purchased a land lot with area 2.49 hectares situated in Bintulu, Sarawak for RM 9.225 million.
The group today entered into a Sale & Purchase Agreement (SPA) through its indirect wholly-owned subsidiary SCIB Properties Sdn Bhd (SCIBP) to acquire the land from Ginteck Sdn Bhd, reportedly situated at Lot 1673, Block 32, Kemena Land District.
The Property is a leasehold land with a lease period expiring on 9 September 2075.
The acquisition of the land is to expand SCIB Group’s business operations through collaboration with developers to jointly develop and construct residential housing projects using own manufactured products. The land will be converted into mixed development that brings sustainable revenue in both Engineering, Procurement, Construction and Commissioning (“EPCC”) and Manufacturing segments.
The purchase will be financed by a combination of SCIB’s internally generated fund and licensed banks or financial institutions. However, the exact breakdown between the internally generated fund and bank borrowings cannot be determined at this point.
The acquisition is expected to be completed within four (4) Months from the date of the SPA, that is, by 31 December 2024.
