SARAWAK Consolidated Industries Bhd (SCIB), via a bourse filing, has announced the acceptance of three Letters of Award for three engineering, procurement, construction and commissioning (EPCC) contracts worth an estimated RM864.54 mil.
The first contract is for the complete construction of 20 villas in Oman, due to start April 5, 2020 and to finish April 4, 2021. The second is the construction and completion of two service centres in Al Khor, Qatar, due to start April 4, 2020 and ending April 3, 2021.
The third is for the construction, completion and maintenance of 18 five-storey buildings, a proposed new boundary wall, a guard house and parking facilities in Doha, Qatar, with the contract effective from March 30, 2020 to March 31, 2021.
“The estimated contract values of the contracts awarded above are US$200.45 mil, equivalent to approximately RM864.54 mil,” said SCIB, adding that the formal agreement for the contracts will be executed in due course.
The contracts secured are expected to increase the net assets of SCIB and its group of companies for the financial year ending Dec 31, 2020 and Dec 31, 2021. The contracts secured are expected to contribute positively to SCIB’s earnings over the duration of the contracts.
At the noon close, SCIB’s shares were last done at RM2.23, up 8 sen, with 998,100 shares traded. – April 3, 2020
