Sarawak: Sarawak Consolidated Industries Bhd (SCIB) has obtained shareholders' approval for a strategic divestment exercise with a total potential value of RM151.19 million at its extraordinary general meeting (EGM).

According to BERNAMA News Agency, the industrialised building systems specialist announced that the proposal involves the disposal of a 100 percent equity interest in SCIB Concrete Manufacturing Sdn Bhd for RM113 million, along with the disposal of seven parcels of land valued at a combined pre-agreed amount of RM38.19 million. This approval represents a key move in SCIB's strategic reset, allowing the company to extract value from its manufacturing business and landbank assets while refocusing on construction and engineering, procurement, construction, and commissioning (EPCC) operations.

SCIB stated that the disposal exercise is anticipated to significantly bolster its balance sheet through immediate cash inflows and enhanced liquidity. The proceeds will be allocated to fund ongoing and future construction and EPCC projects, support property development, reinforce working capital, and optimize capital structure.

Executive chairman Datuk Chong Loong Men emphasized that the strong backing from shareholders indicates clear alignment with the group's future plans. He noted that the exercise enables SCIB to unlock substantial value from its manufacturing business and landbank, while fortifying its financial stance to explore larger and more sustainable opportunities in the construction and EPCC sectors. This initiative marks a pivotal step in resetting SCIB on a more robust and focused foundation.