SCIB reassures its operations to continue despite trading suspension

by TMR / Pic by TMR GRAPHIC

Sarawak Consolidated Industries Bhd said its operations will continue as usual despite a stock trading suspension by Bursa Malaysia Securities Berhad from 9 November 2021, the company said in a statement today.

The trading suspension pertains to Bursa Securities rejecting an appeal by SCIB made on 8 October 2021 for an extension of time until 31 December 2021 for the Company to release its annual report for the financial year ended 30 June 2021 due on 31 October 2021.

“The appeal for the extension of time was made because the Company could not finalise the audited financial statements in time for inclusion in the annual report due to a change of external auditor and the movement restrictions imposed to curb the spread of COVID-19,” SCIB said.

Chief Executive Officer of SCIB, Rosland bin Othman said SCIB wants to reassure stakeholders, business partners, vendors and employees that they will continue with daily operations as usual despite the stock trading suspension.

“We are working with our external auditor to expedite the finalisation of the audit of the financial statements and we are targeting the annual report to be issued by December”.

“Our expansion plans remain intact as we leverage on our strengths of being the largest precast concrete and Industrialised Building System (“IBS”) manufacturer in East Malaysia to develop opportunities including in Peninsular Malaysia,” said Rosland.

He added SCIB is adopting 3D technology for construction projects that will help expedite projects by having shorter construction periods.

“We also believe that a combination of IBS and 3D technology will give us an edge over our competitors as the construction industry becomes more accepting of cutting-edge technology with quality assurance and efficiency,” he added.