SARAWAK Consolidated Industries Bhd’s wholly-owned subsidiary SCIB Properties Sdn. Bhd secured an engineering, procurement, construction and commissioning (EPCC) contract worth RM120 million.
In a filing to Bursa Malaysia today the company said the contract involves construction works of 632 unit PR1MA houses in Kelantan.
The contract will not have any effect on the issued share capital and the shareholdings of substantial shareholders of Sarawak Consolidated.
“The contract secured is not expected to have any material effect on the net assets of SCIB and its group of companies (SCIB Group) for the financial year ending 31 December 2021,” said the company.
Any profits attributable to the group would be realized in stages over the tenure of the contract based on the progress of the project.
The contract secured is expected to contribute positively to SCIB Group’s future earnings over the duration of the contract.