Sarawak Consolidated Industries Bhd said shareholders have approved its RM151.2 million divestment exercise at an extraordinary general meeting on Monday.
The deal involves the sale of its entire stake in SCIB Concrete Manufacturing Sdn Bhd for RM113 million, as well as seven parcels of land worth RM38.19 million.
In a statement, the group said the disposal is part of its strategic reset to unlock value from its manufacturing assets and landbank, while shifting focus towards its engineering, procurement, construction and commissioning (EPCC) business.
SCIB added that the move is expected to strengthen its balance sheet by improving liquidity and generating cash inflows.
Proceeds from the sale will be used to fund ongoing and future construction and EPCC projects, support property development activities, and boost working capital.
Executive chairman Chong Loong Men said the exercise marks a reset for SCIB on a stronger and more focused foundation.
As at end-December 2025, SCIB’s accumulated losses widened to RM103.9 million, while total liabilities rose to RM201.9 million. Cash stood at RM22.2 million against borrowings of RM38 million.
SCIB shares closed up 0.5 sen or 3.7% at 14 sen on Monday, giving the group a market value of RM99.52 million.
