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Sarawak Concrete Industries Berhad (SCIB) is pleased to announce that it is undertaking an Internal Group Rationalisation exercise which involves putting in place a new Group corporate structure to cater for its diversification and expansion in the future, streamlining its manufacturing operations, enhancing operational efficiency and making SCIB an investment holding company and enhancing monitoring of performance.

The new Group corporate structure

SCIB shall put in place the following new corporate structure :-



	Sarawak Concrete Industries Berhad (PLC)
	SCIB Holdings Sdn. Bhd. (IHC)
Manufacturing core business	Infrastructure	Property development
SCIB Concrete Manufacturing Sdn. Bhd. (100%)	SCIB Infraworks Sdn. Bhd. (100%)	SCIB Properties Sdn. Bhd. (100%)
SCIB Modular Concrete Products Sdn. Bhd. (100%)
PPES Concrete Products Sdn. Bhd. (49%)


The principal activities of the various companies in the Group are summarised below :-

Company Principal Activities

Sarawak Concrete Industries Berhad Investment holding

SCIB Holdings Sdn. Bhd. ("SH") Intermediate holding company

SCIB Concrete Manufacturing Sdn. Bhd. ("SCM") Manufacturing and marketing of all concrete products

SCIB Modular Concrete Products Sdn. Bhd. Marketing of modular concrete products

SCIB Infraworks Sdn. Bhd. Infrastructure business

SCIB Properties Sdn. Bhd. Property development business

Sale and transfer of manufacturing assets

To operationalise the new Group corporate structure, SCIB shall sell and transfer the manufacturing business, the plant and machineries and related assets, the land and buildings, and people to SCM. In addition, the investment in associated company, PPES Concrete Product Sdn Bhd, shall also be transferred to SH.

The sale and transfer of the assets are subject to :

(a) Approval of the Foreign Investment Committee

(b) Approval of the Ministry of International Trade and Industry granting a new manufacturing licence to SCM

(c) Prior approval of the Director General of the Inland Revenue Board for the necessary tax exemptions for the transfer of land and buildings.

The assets shall be transferred at net book value in exchange for shares which shall be issued at an issue price of approximately RM3.00 per share.

Financial impact

There will be no effect on SCIBs share capital, shareholding structure, net tangible assets and earnings per share. In addition, it does not involve any acquisitions or disposals of assets to non-Group companies.

Directors interest

None of SCIBs Directors or substantial shareholders have any interest, direct or indirect in the exercise.

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