SCIB in talks for potential land acquisition in Sarawak

KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) is in talks with the Land and Survey department of Sarawak for the potential acquisition of 22 acres of land.

“The company had on Jan 4, received the letter of offer from the Land and Survey Department of Sarawak to acquire some parcels of land measuring approximately 22 acres in size for the purpose of expanding the production capacity of the group,” SCIB said in a reply to an unusual market activity (UMA) query from Bursa Malaysia.

“The management is in the midst of discussion and considering the acceptance of this proposal. The board believes that it would be more appropriate to release announcement(s) to Bursa Securities once the decision is made,” it added.

SCIB, continued its downtrend today, falling 35.93%, or 30 sen to 53.5 sen with 202.5 million shares changed hands.

Bursa Malaysia has suspended the short selling of SCIB for the rest of the day under the intraday short selling (IDSS). The suspension was made after the last done price of the approved securities of the three companies dropped more than 15% or 15 sen from the reference price.

In a separate statement, SCIB acknowledged the recent fluctuations in share price but emphasised that these movements were market-driven and outside the company's control.

“As a publicly-traded entity, we recognise that share price volatility can occur due to various market factors. SCIB does not have any influence over its share price movements and is not aware of any specific reasons for the recent trading activity.

“However, it's important to note that SCIB has turned profitable in the latest financial quarter, reflecting the effectiveness of our strategic initiatives and operational efficiencies,” group managing director Ku Chong Hong said.