SCIB buys land in Bintulu to undertake housing project

• In a bourse filing, the group said its wholly-owned unit SCIB Properties Sdn Bhd has entered into an agreement with a real properties investment company Ginteck Sdn Bhd to acquire the land for RM9.23 million.

KUALA LUMPUR (Sept 18): Precast concrete product maker Sarawak Consolidated Industries Bhd (KL:SCIB) said it is buying a vacant leasehold land measuring 2.49 hectares in Bintulu to undertake a housing project.

In a bourse filing, the group said its wholly-owned unit SCIB Properties Sdn Bhd has entered into an agreement with a real properties investment company Ginteck Sdn Bhd to acquire the land for RM9.23 million.

"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 that use our own manufactured products," the group added.

SCIB said it expects to complete the deal by Dec 31 and will apply to convert the land from agriculture to mixed development.

The land purchase will be funded by a combination of internally generated funds and bank borrowings, the group said.

SCIB’s share price closed unchanged at 23.5 sen, giving the group a market value of RM155 million.

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