KUCHING: Industrialised constructing techniques specialist, Sarawak Consolidated Industries Berhad (SCIB), together with its wholly-owned subsidiary SCIB Industrialised Constructing System Sdn Bhd (SIBS) introduced the securement of Islamic banking amenities amounting to RM70 million.
These amenities was supplied by Small Medium Enterprise Growth Financial institution Malaysia Berhad (SME Financial institution).
SCIB has structured two main amenities from the financial institution to reinforce its monetary operations and challenge execution capabilities. The primary, a Kafalah (Financial institution Assure-i) facility (Kalafah) valued at RM15 million, is designated for issuing efficiency ensures. This facility is relevant to contracts awarded by a various vary of entities together with Federal Authorities Ministries, Departments, or Businesses; State Authorities Our bodies, Businesses, or firms; Statutory Our bodies or Different Semi-Authorities Businesses; in addition to Authorities Linked Firms (GLCs) and their subsidiaries, and Authorities Hyperlink Funding Firms (GLICs) and their subsidiaries, supplied these entities maintain a minimal of 51% shareholding by the federal government or its entities.
The second facility, a revolving credit-i value RM55 million, is designed to finance the working capital necessities related to the contracts from the identical forms of awarding events as Kalafah. This ensures SCIB maintains ample liquidity to handle and ship tasks effectively, supporting the corporate’s strong operational movement and enhancing its supply capability throughout varied governmental and semi-governmental tasks.
SCIB managing director, Ku Chong Hong mentioned, “Securing these banking amenities marks a pivotal development in our monetary technique, enhancing our capability to help bigger tasks and handle money movement extra successfully. This monetary framework not solely fortifies our steadiness sheet but in addition supplies us with the agility to capitalise on rising alternatives rapidly and effectively. We’re dedicated to leveraging this new stage of economic flexibility to drive sustainable development and ship enhanced worth to our stakeholders.”
These amenities are anticipated to bolster SCIB’s monetary stability and agility, enabling the corporate to keep up its management within the development and infrastructure sectors with out affecting its share capital or shareholder construction.
As at 5pm, July 18, 2024, the share value of SCIB closed at RM0.280, reflecting a market capitalisation of RM184.4 million.