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Sarawak Consolidated Industries Bhd’s (SCIB) wholly owned subsidiary, SCIB Holdings Sdn Bhd, has entered into a conditional share sale and purchase agreement (SSPA) with YTL Cement (Sarawak) Sdn Bhd, an indirect subsidiary of YTL Corp Bhd, for the proposed disposal of its entire 100% equity interest in SCIB Concrete Manufacturing Sdn Bhd (SCM) for RM113mil cash.
The Proposed Share Capital Reduction will allow the Company and the Group to rationalize their financial position by reducing their accumulated losses via cancellation of its issued share capital which is substantially unrepresented by available assets, to reflect more accurately the value of the underlying assets and financial position of the Company and the Group.
