SARAWAK Consolidated Industries Bhd (SCIB) is acquiring a 2.49-hectare vacant leasehold land in Bintulu for RM9.23 million.

The purchase, made through its subsidiary SCIB Properties Sdn Bhd from Ginteck Sdn Bhd, aims to support a new housing project using the company’s precast concrete products.

The deal, expected to complete by December 31, will be funded by internal funds and bank borrowings, with plans to convert the land for mixed development.

SCIB’s share price closed steady at 23.5 sen today , with a market value of RM155 million. –TMR